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.
READ MORE:
Hong Kong Set to License Digital Asset Exchanges by Year-EndThe 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.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
DIA Launches Lasernet Testnet, Pioneering Layer-2 Oracle Technology
XRPPERP now launched for USDC-M futures trading
Bitget has launched XRPPERP for futures trading with a maximum leverage of 75 on November 27, 2024 (UTC+8). Welcome to try futures trading via our official website (www.bitget.com) or Bitget APP. XRPUSDC-M perpetual futures: Parameters Details Listing time November 27, 2024 16:40 (UTC+8) Underlying
Bitcoin (BTC) Surges to New Heights Amidst Robust Capital Inflows
Bitcoin's price hits an all-time high of $93k, driven by $62.9 billion capital inflows, with ETFs playing a critical role in stabilizing the market.
Bitfarms Expands Board and Appoints Andrew J. Chang as Independent Director
Bitfarms announces board expansion to six members, appointing Andrew J. Chang as an independent director, following a special shareholder meeting. Key shareholder proposals were approved.