Finance (No. 2) Act 2024
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Change 1
6 Reduction in higher CGT rate for residential property gains to 24%
(1) In section 1H of TCGA 1992 (the main rates of CGT)— (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (b) in subsection (2), omit paragraph (a) together with the “or” at the end of the paragraph, (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (d) in subsection (5), omit paragraph (a) together with the “or” at the end of the paragraph, and (e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2) In section 1I of that Act (income taxed at higher rates or gains exceeding unused basic rate band)— (a) in subsection (1)— (i) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (ii) in that paragraph, omit “residential property gains or”, (b) in subsection (2), in the words after paragraph (b)— (i) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (ii) omit “residential property gains or”, (c) in subsection (5)— (i) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (ii) in that paragraph, omit “residential property gains or”, and (d) in subsection (9)— (i) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (ii) in that paragraph, omit “residential property gains or”. (3) The amendments made by this section have effect in relation to disposals made on or after 6 April 2024.
6 Reduction in higher CGT rate for residential property gains to 24%
(1) In section 1H of TCGA 1992 (the main rates of CGT)— (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (b) in subsection (2), omit paragraph (a) together with the “or” at the end of the paragraph, (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (d) in subsection (5), omit paragraph (a) together with the “or” at the end of the paragraph, and (e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2) In section 1I of that Act (income taxed at higher rates or gains exceeding unused basic rate band)— (a) in subsection (1)— (i) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (ii) in that paragraph, omit “residential property gains or”, (b) in subsection (2), in the words after paragraph (b)— (i) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (ii) omit “residential property gains or”, (c) in subsection (5)— (i) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (ii) in that paragraph, omit “residential property gains or”, and (d) in subsection (9)— (i) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (ii) in that paragraph, omit “residential property gains or”. (3) The amendments made by this section have effect in relation to disposals made on or after 6 April 2024.
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