Section 6 Reduction in higher CGT rate for residential property gains to 24%

United Kingdom

(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.

Annotations

F1: S. 6(1)(a) omitted (with effect in accordance with s. 7(3) of the amending Act) by virtue of Finance Act 2025 (c. 8), s. 7(3), Sch. 1 para. 10(a) (with Sch. 2 Pts. 1, 2)
F2: S. 6(1)(c) omitted (with effect in accordance with s. 7(3) of the amending Act) by virtue of Finance Act 2025 (c. 8), s. 7(3), Sch. 1 para. 10(a) (with Sch. 2 Pts. 1, 2)
F3: S. 6(1)(e) omitted (with effect in accordance with s. 7(3) of the amending Act) by virtue of Finance Act 2025 (c. 8), s. 7(3), Sch. 1 para. 10(a) (with Sch. 2 Pts. 1, 2)
F4: S. 6(2)(a)(i) omitted (with effect in accordance with s. 7(3) of the amending Act) by virtue of Finance Act 2025 (c. 8), s. 7(3), Sch. 1 para. 10(b) (with Sch. 2 Pts. 1, 2)
F5: S. 6(2)(b)(i) omitted (with effect in accordance with s. 7(3) of the amending Act) by virtue of Finance Act 2025 (c. 8), s. 7(3), Sch. 1 para. 10(b) (with Sch. 2 Pts. 1, 2)
F6: S. 6(2)(c)(i) omitted (with effect in accordance with s. 7(3) of the amending Act) by virtue of Finance Act 2025 (c. 8), s. 7(3), Sch. 1 para. 10(b) (with Sch. 2 Pts. 1, 2)
F7: S. 6(2)(d)(i) omitted (with effect in accordance with s. 7(3) of the amending Act) by virtue of Finance Act 2025 (c. 8), s. 7(3), Sch. 1 para. 10(b) (with Sch. 2 Pts. 1, 2)