Who is likely to be affected
Individuals, trustees and personal representatives who are liable to pay Capital Gains Tax (CGT) on residential property gains. Private Residence Relief (PRR) will continue to apply on disposals of main residences.
General description of the measure
This measure reduces the higher rate of CGT on residential property gains from 28% to 24%. The lower rate will remain at 18%.
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Policy objective
Cutting the 28% rate of CGT to 24% is expected to incentivise earlier disposals of second homes, buy-to-let property and other residential property where accrued gains do not fully benefit from PRR. This will generate more transactions in the property market, benefitting those looking to move home or get onto the property ladder.
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