# Fairly reform capital gains tax

> “Fairly reforming capital gains tax to close loopholes exploited by the super wealthy.”
>
> — Liberal Democrats; 2024 manifesto, page 14, 10 June 2024

- **Status:** Promised
- **Status ladder:** Promised → In plan → Legislated → Funded → Delivering → Delivered
- **Policy area:** [Taxes](https://ledgergov.uk/promises/area/taxes)
- **Speaker:** [Liberal Democrats](https://ledgergov.uk/actor/liberal-democrats)
- **Made on:** 10 June 2024
- **Where:** 2024 manifesto, page 14
- **Cost a year:** Raises £4.7bn to £5.7bn a year (central £5.2bn)
- **Who it affects:** People who make large capital gains; the party says the aim is to close loopholes used by the very wealthy
- **When:** Not stated; the party's figure is for 2028-29
- **Paid for by:** Not a spending pledge; the manifesto lists it among the measures that "raise the money needed for our investment plans"
- **Quote source:** https://www.libdems.org.uk/fileadmin/groups/2_Federal_Party/Documents/PolicyPapers/Manifesto_2024/For_a_Fair_Deal_-_Liberal_Democrat_Manifesto_2024.pdf#page=14 (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-ld-cgt-reform-2024

## Where it stands

The Liberal Democrats are not in government, so the card stays at Promised. The party's costings describe the design: rates based only on the gain, the tax-free allowance raised from £3,000 to £5,000, a new tax-free allowance for inflation and a relief for small businesses. Since then Autumn Budget 2024 has raised the main rates of capital gains tax to 18% and 24%.

## Timeline

- 10 June 2024, Promised: Liberal Democrat manifesto pledges to reform capital gains tax to close loopholes used by the very wealthy

## About the cost

Negative because the pledge raises money. Year shown: 2028-29, the year the party costed. Party figure only: £5,210m in 2028-29 (costings, page 6, line 15). The figure predates Autumn Budget 2024, which raised the main rates and so changed the starting point. No official costing of this design exists. Low–high is an editorial ±10% because the source gives a central figure only.

Costing sources:
- [Liberal Democrats: Funding a Fair Deal, manifesto costings 2024 (PDF), page 6](https://www.libdems.org.uk/fileadmin/groups/2_Federal_Party/Documents/PolicyPapers/Manifesto_2024/Funding_a_Fair_Deal_-_Liberal_Democrat_Manifesto_Costings_2024.pdf#page=6)

## Sources

- [Liberal Democrats: For a Fair Deal, 2024 manifesto (PDF), page 14](https://www.libdems.org.uk/fileadmin/groups/2_Federal_Party/Documents/PolicyPapers/Manifesto_2024/For_a_Fair_Deal_-_Liberal_Democrat_Manifesto_2024.pdf#page=14)
- [Liberal Democrats: Funding a Fair Deal, manifesto costings 2024 (PDF), pages 6 and 7](https://www.libdems.org.uk/fileadmin/groups/2_Federal_Party/Documents/PolicyPapers/Manifesto_2024/Funding_a_Fair_Deal_-_Liberal_Democrat_Manifesto_Costings_2024.pdf#page=6)
- [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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