Please note, this a developing news story. We will update this page with further information as details are confirmed in the coming hours and days.
Chancellor Rachel Reeves has announced Labour’s key fiscal policies, in the party’s first major Budget in 14 years.
As expected, the Budget included a number of significant increases in tax that will effect both the UK at large and investors, with an additional £40 billion expected to be raised by the tax hikes.
Increases to employer national insurance contribution and the minimum wage will be of concern to businesses, while changes to CGT, stamp duty, and inheritance tax represent a major increase in the tax burden on individuals.
For those buying gold and silver, Capital Gains Tax was one of the key policies that could impact their portfolio. The Chancellor confirmed that lower-rate tax payers will see CGT rise from 10% to 18%, and higher-rate individuals from 20% to 24%. This means investors would pay more tax on any of their applicable gains.
It has now been confirmed that these changes to CGT are effective immediately, and the GOV website has been updated to reflect this.
Despite the £40 billion increase in tax, speculation prior to the Budget suggested a worse scenario, and markets seem so far to be responding only moderately to the announcements. The pound had fallen over the course of the morning ahead of the Budget, but has recovered somewhat at the time of writing.
