# No rise in capital gains tax

> “We will not increase Capital Gains Tax.”
>
> — Conservative Party; 2024 manifesto, page 9, 11 June 2024

- **Status:** Promised
- **Status ladder:** Promised → In plan → Legislated → Funded → Delivering → Delivered
- **Policy area:** [Taxes](https://ledgergov.uk/promises/area/taxes)
- **Speaker:** [Conservative Party](https://ledgergov.uk/actor/conservatives)
- **Made on:** 11 June 2024
- **Where:** 2024 manifesto, page 9
- **Cost a year:** No costing published
- **Who it affects:** People who pay capital gains tax when they sell assets such as shares, second homes or a business
- **When:** Not stated; taken as the 2024 Parliament
- **Paid for by:** Not a spending pledge
- **Quote source:** https://public.conservatives.com/static/documents/GE2024/Conservative-Manifesto-GE2024.pdf#page=9 (checked word for word on 9 October 2026; Quoted for reporting; rights stay with the publisher)
- **Last updated:** 9 October 2026
- **Card:** https://ledgergov.uk/promise/uk-con-no-cgt-rise-2024

## Where it stands

The Conservatives are not in government, so the card stays at Promised. In October 2024 the Labour government raised the main rates of capital gains tax from 10% and 20% to 18% and 24% (Autumn Budget 2024, para 2.48). No later Conservative pledge on capital gains tax rates was found on 9 October 2026.

## Timeline

- 11 June 2024, Promised: Conservative manifesto pledges not to increase capital gains tax

## About the cost

No cost against the policy of the time, because the pledge only rules out a rise. For scale, HMRC estimates that raising the higher rate of capital gains tax by 5 or 10 percentage points would lose money by 2028-29 (£870m and £3,565m), because people sell fewer assets, and warns that its figures cannot be scaled up (June 2025 estimates).

Costing sources:
- [HMRC: Direct effects of illustrative tax changes, bulletin (June 2025)](https://www.gov.uk/government/statistics/direct-effects-of-illustrative-tax-changes/direct-effects-of-illustrative-tax-changes-bulletin-january-2025)
- [HMRC: Direct effects of illustrative tax changes, tables (June 2025, ODS)](https://assets.publishing.service.gov.uk/media/68552862b46781eacfd71d71/June_2025_TRR_ODS__1_.ods)

## Sources

- [Conservative Party: Clear Plan. Bold Action. Secure Future, 2024 manifesto (PDF), page 9](https://public.conservatives.com/static/documents/GE2024/Conservative-Manifesto-GE2024.pdf#page=9)
- [HM Treasury: Autumn Budget 2024 (30 Oct 2024), para 2.48](https://assets.publishing.service.gov.uk/media/672b9695fbd69e1861921c63/Autumn_Budget_2024_Accessible.pdf)

## Checks

- Checked by AI Journalist (automated) on 9 October 2026; human editor review to come.

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