Healey reportedly rules out capital gains tax rise in Budget

Chancellor John Healey has reportedly ruled out raising capital gains tax in the October 28 Budget, after warnings that a higher rate could prompt wealthy people to leave the country or delay selling assets. The reported decision comes as Conservative leader Kemi Badenoch prepares to call for spending cuts and lower borrowing ahead of the fiscal statement. The account of Healey’s position has been attributed to reporting by The Times. No direct confirmation from the Chancellor was included in the supplied reports, and the Budget’s final measures have not yet been announced. Capital gains tax applies to profits from selling assets such as property or shares. Some Labour figures, including Wes Streeting and Louise Haigh, had previously advocated raising the tax. The warnings cited in the reports said an increase could discourage investment or reduce revenue if people moved abroad or deferred asset sales. Lord O’Neill of Gatley, who has advised Prime Minister Andy Burnham, was reported as saying a rise would send the wrong message to business. An increase in the rate banks pay on profits is expected to be a major revenue-raising measure in the Budget, according to reports. The...