Home

UK Increases Capital Gains Tax on Assets, Including Stocks and Crypto

31.10.2024 10:30 1 min. read Kosta Gushterov
SHARE: SHARES
UK Increases Capital Gains Tax on Assets, Including Stocks and Crypto

British Finance Minister Rachel Reeves announced on October 30 an increase in capital gains tax rates for assets like stocks and cryptocurrencies.

The lower rate will rise from 10% to 18%, while the higher rate will increase from 20% to 24%, expected to generate around £2.5 billion. This aligns capital gains tax with existing property transaction rates, which remain at 18% and 24%.

Reeves stated the changes aim to drive growth and support public services while keeping the UK’s capital gains tax rates the lowest among European G7 countries. Capital gains tax applies to profits over £3,000 from asset sales, with rates based on income tax brackets.

Additionally, the carried interest tax for fund managers will increase from 28% to 32%. The Business Asset Disposal Relief for entrepreneurs will stay at a £1 million lifetime limit and 10% rate for now, but will rise to 14% in April 2025 and 18% in 2026-27.

The Office for Budget Responsibility (OBR) forecasts these reforms will yield £2.5 billion more by the end of the forecast period. Last year, capital gains tax raised £15 billion, contributing about 4% of total income tax revenue.

Telegram

SHARE: SHARES
More Regulations News

Support CryptoDNES

QR for the Bitcoin/Ethereum Address:

QR for the Bitcoin/Ethereum Address:

No Comments yet!

Your Email address will not be published.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.