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Measures relating to property

6Reduction in higher CGT rate for residential property gains to 24%

(1)

In section 1H of TCGA 1992 (the main rates of CGT)—

F1(a)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b)

in subsection (2), omit paragraph (a) together with the “or” at the end of the paragraph,

F2(c)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(d)

in subsection (5), omit paragraph (a) together with the “or” at the end of the paragraph, and

F3(e)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2)

In section 1I of that Act (income taxed at higher rates or gains exceeding unused basic rate band)—

(a)

in subsection (1)—

F4(i)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(ii)

in that paragraph, omit “residential property gains or”,

(b)

in subsection (2), in the words after paragraph (b)—

F5(i)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(ii)

omit “residential property gains or”,

(c)

in subsection (5)—

F6(i)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(ii)

in that paragraph, omit “residential property gains or”, and

(d)

in subsection (9)—

F7(i)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(ii)

in that paragraph, omit “residential property gains or”.

(3)

The amendments made by this section have effect in relation to disposals made on or after 6 April 2024.