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[BUSINESS] · United Kingdom · 13 sources

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Part of situation: Healey's fiscal agenda: regional funds and tax reforms (31 clusters)

Chancellor John Healey rules out capital gains tax rise in upcoming Budget

Autumn Budget capital gains tax John Healey tax policy family business taxation

Chancellor John Healey has ruled out increasing capital gains tax (CGT) in the upcoming Autumn Budget, despite pressure from members of the Labour Cabinet, including Wes Streeting and Louise Haigh. The decision follows warnings from economists and business leaders that higher CGT rates could trigger an exodus of wealthy taxpayers and discourage investment, potentially reducing overall Treasury revenue.

While CGT rates will remain unchanged, the Treasury is reportedly exploring other revenue-raising measures. This includes a potential levy on the banking sector and a proposal to change how family businesses are taxed during generational handovers. Under the proposed change, certain business transfers could be subject to income tax rather than capital gains tax, which could significantly increase the tax burden for some owners.

Public sentiment remains cautious, with an Ipsos poll indicating that 65 percent of Britons expect the government to announce tax rises in the Budget. Prime Minister Andy Burnham has committed to not increasing the headline rates of income tax, VAT, or national insurance, leaving the Chancellor to navigate complex fiscal trade-offs to balance the public finances.

Entities

Andy Burnham · HM Revenue & Customs · HM Revenue and Customs · Ipsos · John Healey · Labour Party · Treasury · United Kingdom

Claims

What the coverage asserts, and how many sources carry each claim.

  • [● 2 SOURCES] The Chancellor is considering replacing capital gains tax with income tax for certain family business transfers. bmmagazine.co.uk · www.spectator.com.au
  • [● 2 SOURCES] HMRC estimated that raising the higher capital gains tax rate by 10 percentage points could reduce Treasury receipts by £3.6 billion in 2028-29. propertyindustryeye.com
  • [○ 1 SOURCE] An Ipsos poll found that 65 percent of Britons expect the Labour government to announce tax rises in the upcoming Budget. www.dailymail.com
  • [DISPUTED] Chancellor John Healey has ruled out increasing capital gains tax in the upcoming Budget. internewscast.com · www.bbc.co.uk · propertyindustryeye.com

Sources

Chancellor dashes Labour Left hopes of capital gains tax rise in Budget [internewscast.com]
Lancashire Times [lancashiretimes.co.uk]
Capital Gains Tax rates unchanged for landlords in Budget [www.propertywire.com]
Healey weighs income tax on family business handovers [bmmagazine.co.uk]
Labour’s ‘Burnham bounce’ facing final test with voters ahead of John Healey’s make-or-break Budget [www.gbnews.com]
Chancellor rejects calls to raise Capital Gains Tax in Budget [www.bbc.co.uk]
Chancellor rules out capital gains tax rise ahead of Budget [propertyindustryeye.com]
Does John Healey want to kill off the family business? | The Spectator Australia [www.spectator.com.au]
Yorkshire Times [yorkshiretimes.co.uk]
OBR expected to flag warning over Healey's spending pressures [www.cityam.com]
Labour will hike taxes at Budget, two thirds of Brits predict in poll [www.dailymail.com]
Budget tax hikes for financial sector would be ‘own goal’, says CBI [www.independent.co.uk]
Budget tax hikes for financial sector would be ‘own goal’, says CBI [www.standard.co.uk]