Rachel Reeves has chosen not to change the rate of capital gains tax on second homes, worried it could negatively impact the property market.
The Institute for Public Policy Research found that most millionaires would not be deterred by increased CGT, with one millionaire stating taxes didn't dictate her investment decisions.
Graham Hobson, co-founder of Photobox, argued that claims suggesting increased capital gains tax would deter investment are incorrect, stating he successfully built his business despite prior tax levels.
The Treasury's plans involve significant tax increases and cuts to public spending to compensate for the financial constraints set by previous government plans.
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