Tax & Spend

UK Considers Hiking Capital Gains Tax to Help Plug Fiscal Hole

Officials look at cutting capital gains allowances and reliefs
Chancellor Hunt to announce economic package on Nov. 17

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By Joe Mayes

November 4, 2022 at 9:57 AM UTC

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Chancellor of the Exchequer Jeremy Hunt is considering increasing the headline rate of capital gains tax as he and Prime Minister Rishi Sunak seek ways to plug the UK’s fiscal hole.

Hunt, who will deliver a major economic statement on Nov. 17, is also looking at cutting capital gains tax allowances and reliefs, according to two officials familiar with the matter who spoke on condition of anonymity because no final decisions have been made. A Treasury spokesperson said they wouldn’t speculate on tax changes.