Osborne cuts CGT to 20%… but not for property

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Chancellor George Osborne has moved to reduce capital gains tax from 28 per cent to 20 per cent.

For basic rate taxpayers, CGT will fall from 18 per cent to 10 per cent.

The changes will come into effect in three weeks’ time.

However rates will remain at the current levels for residential property and carried interest

Delivering his Budget speech today, Osborne said: “Our capital gains tax is now one of the highest in the developed world, when we want our taxes to be among the lowest.”