Reeves announced capital gains tax, which is a charge applied to assets like buy-to-let property and company shares when they are disposed of, will be increased to 18% and 24%, up from 10% and 20%, depending on your income tax band.
Andy Aitken, CEO of mobile network company Honest, said, 'It feels like the rules have changed dramatically overnight. Such a sudden shift really breaks down trust within the business community, prompting founders to consider relocating their businesses and personal tax residencies.'
Andreas Adamides, CEO of startup founder community Helm, stated, 'Many who have been considering selling their business are much more likely to put off a sale as too much of what they built up over ten to twenty years will go directly to tax.'
Rachel Reeves stated, 'A strong economy depends on strong public finances. There will be no return to austerity,' signaling a shift in Labour's approach after 14 years.
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