Budget day: 28 October
Capital gains tax: what each party has promised
Ministers have been asked in Parliament whether capital gains tax will rise to match income tax. The Treasury's answer is that decisions on tax are taken by the Chancellor at the Budget. HMRC's own estimates show that large rises can lose money rather than raise it, because people sell fewer assets. These are the promises parties have made on it, with what each would cost or raise.
Sources: Treasury answer to HL2381 (30 Jul 2026) · HMRC: Direct effects of illustrative tax changes
- Labourin governmentClose the carried interest loophole“Private equity is the only industry where performance-related pay is treated as capital gains. Labour will close this loophole.”DeliveredReviewed by AI Journalist (automated)TaxesRaises £72m to £88m a year13 Jun 2024
- Labourin governmentNo tax rises for working people“Labour will not increase taxes on working people, which is why we will not increase National Insurance, the basic, higher, or additional rates of Income Tax, or VAT.”In planReviewed by AI Journalist (automated)TaxesCost not statedDue Jul 202913 Jun 2024
- Greensin oppositionAlign capital gains tax with income tax“Elected Greens will push too for the reform Capital Gains Tax (CGT) by aligning the rates paid by taxpayers on income and taxable gains. This would affect less than 2% of all income-tax payers.”PromisedReviewed by AI Journalist (automated)TaxesRaises £17.1bn to £20.9bn a year12 Jun 2024
- Plaid Cymruin oppositionEqualise capital gains tax with income tax“Plaid Cymru would equalise capital gains tax with income tax, raising between £12bn - £15bn.”PromisedReviewed by AI Journalist (automated)TaxesRaises £12bn to £15bn a year13 Jun 2024
- Lib Demsin oppositionFairly reform capital gains tax“Fairly reforming capital gains tax to close loopholes exploited by the super wealthy.”PromisedReviewed by AI Journalist (automated)TaxesRaises £4.7bn to £5.7bn a year10 Jun 2024
- Conservativesin oppositionCapital gains relief for landlords selling to tenants“To further support homeowners, we will introduce a two-year temporary Capital Gains Tax relief for landlords who sell to their existing tenants.”PromisedReviewed by AI Journalist (automated)TaxesCosts £18m to £22m a year11 Jun 2024
- Conservativesin oppositionNo rise in capital gains tax“We will not increase Capital Gains Tax.”PromisedReviewed by AI Journalist (automated)TaxesCost not stated11 Jun 2024
How this list is made
It shows every promise we track whose headline, words or status note mention capital gains tax: the same rule for every party. The government's come first, because only the government sets a Budget; then the rest, the largest cost first. Each card links to its source and shows any correction.
See all the promises the Budget could fund or break and how the numbers are made.