UK Treasury announces capital gains tax hikes on most assets
UK Chancellor of the Exchequer, Rishi Sunak, announced in his budget speech that the capital gains tax for most assets will increase from the lower rate of 10% to 18%, and for high earners the capital gains tax will increase from 20% to 24%. He also stated that this change in the system will raise £2.5 billion. The increase in capital gains tax will bring the tax rate for most assets in line with the tax rate for property. Capital gains tax is paid on profits from the sale of assets that exceed £3,000 ($3,896.70), and the tax rate depends on the amount of income tax people usually pay and the size of the gains.
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
Court prolongs Tornado Cash developer Pertsev’s pre-trial detention
Major Cryptocurrency Platform to Airdrop Tokens Gets French Crackdown – What Happens Now?
This is the first regulatory sanction for the platform, which has become especially popular after the US Presidential Elections.
Date Revealed for New Cryptocurrency Laws Reform in the UK
The UK is set to introduce some radical changes to crypto and stablecoin regulation in the new year.
Donald Trump’s Pick for US Treasury Secretary is Announced – Here Are His Cryptocurrency Views
US President-elect Donald Trump's choice for Treasury Secretary has finally been announced.