UK Chancellor Jeremy Hunt lowered Capital Gains Tax (CGT) higher rate on property sales from 28% to 24% in the Spring Budget.

UK Chancellor Jeremy Hunt reduced the Capital Gains Tax (CGT) higher rate on property sales from 28% to 24% in the recent Spring Budget and Spring Statement. The cut aims to encourage property transactions and increase revenues for HMRC, despite the basic rate remaining unchanged at 18%. However, this may make property investments less competitive compared to other investment portfolios.