Capital Gains Tax is due on profits made from the sale of assets such as investment portfolios, property, and businesses. Traditionally, it's been seen as a levy on the wealthiest, but the reality is that many everyday workers will be dragged into paying higher taxes. As the government aims to raise up to £35bn, this increase will come at the expense of hardworking people who have prudently saved for their futures.
Ordinary middle-class families, entrepreneurs, and even expatriates will be severely impacted by this CGT hike. People who have responsibly planned for their retirement, invested in property, or run successful businesses are set to be penalised for making sound financial decisions. The very families who have been diligent in planning for the future could find their hard-earned wealth chipped away.
The CGT increase will have significant long-term consequences for the broader UK economy. By increasing the tax burden on investment returns, the government risks discouraging the very behaviour that drives economic growth.
The proposed changes will have a chilling effect on investments. When people face higher tax bills on their returns, they'll think twice before investing in property, pensions.
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