Jeremy Hunt has announced a reduction in capital gains tax, providing a financial advantage to property owners, alongside the previously anticipated decrease in National Insurance, as outlined in his Budget announcement.
The Chancellor has reduced the top rate of property capital gains tax from 28% to 24%.
Additionally, Mr. Hunt has declared the elimination of the tax framework for non-domiciled individuals, aiming to establish a more equitable and competitive system.
He plans to introduce a new system based on residency, expected to generate £2.7 billion annually.
Mr. Hunt has also announced an additional reduction in National Insurance by 2p, bringing it down from 10% to 8% starting April 6, with the rate for the self-employed being cut from 8% to 6%.
