Investors cheer end of ‘damaging’ capital gains tax Budget speculation

Investment firms have welcomed reports that John Healey has ruled out a damaging capital gains tax raid at the Autumn Budget, after warnings the move could harm the domestic economy and weigh on Britain s appeal to investors. The Chancellor has decided against raising capital gains tax (CGT) at the Autumn Budget next week, City AM understands, despite pressure from some members of the Cabinet to lift the levy from its current level of 24 per cent for higher rate tax payers. Senior allies, including Wes Streeting and Louise Haigh, were pressing the Chancellor to raise the charge on the sale of second homes, shares and other assets in order to raise revenue. Investors and wealth management firms said reports Healey had ruled out a rise would provide comfort to investors and prevent damaging speculation in advance of the Budget next week. Fears of a higher levy triggered a rush to sell assets in the run up to the last two Budgets. Rob Morgan, Chief Investment Analyst at Char