# Finance (No. 2) Act 2024, Section 6: Reduction in higher CGT rate for residential property gains to 24%

Extent: E+W+S+N.I.

(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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Source: https://www.legislation.gov.uk/ukpga/2024/12/section/6 (the official version)
Page: https://openlegislation.uk/finance-no-2-act-2024/section-6
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.