A Treasury official has confirmed that the Chancellor, John Healey, will not raise capital gains tax (CGT) in the 28 October Budget, according to Bloomberg. The official asked not to be named.
The decision was first reported late on Monday 19 October by the Times. At that point the Treasury declined to comment, saying tax decisions were a matter for the Chancellor to set out at fiscal events. There is still no on-record Treasury statement, so the decision remains unconfirmed until Healey delivers the Budget.
Bloomberg says Healey will rely instead on a levy on bank revenues to fund the government's plans. Earlier reports had described the bank measure as a surcharge rise. A levy on revenues would be a different kind of measure.
Bloomberg gives the current CGT rate for higher-rate taxpayers as 24%. That matches the figure Reuters gave on Monday.