The UK reportedly ruled out increasing capital gains tax in its 28 October budget, prioritising economic growth and business investment.
The UK has ruled out raising capital gains tax in finance minister John Healey’s first budget on 28 October 2026, following warnings that higher taxes could prompt wealthy individuals to leave the country or delay selling assets, potentially reducing government revenue.
The budget’s main revenue-raising measure is expected to be a levy on banks to fund targeted, temporary cost-of-living support. Healey also faces pressure to raise billions of pounds to offset higher borrowing costs and fund increased defence spending and expanded social care.
Capital gains tax is currently charged at 18% for basic-rate taxpayers and 24% for higher-rate taxpayers. It raised GBP 24 billion in the 2025/26 tax year.
