What Changes Has UK Budget 2024 Brought for Capital Gains Tax

The UK Government's Spring Budget 2024 includes specific measures regarding Capital Gains Tax (CGT) aimed at making the property tax system fairer and more efficient. Among the reforms, the budget outlines an intention to reduce Capital Gains Tax on residential properties to encourage residential disposals, which is anticipated to boost the availability of housing by making it more financially attractive for owners to sell properties that are not their primary residence. This move is part of a broader effort to balance the tax system, support the housing market, and increase housing availability. Additionally, the budget mentions the abolition of Multiple Dwellings Relief, addressing concerns over incorrect and abusive claims, further aligning with efforts to ensure fairness and efficiency in the tax system. These measures are projected to raise over £600 million a year in total by 2028-29, highlighting the government's commitment to adjusting tax policies in response to current economic conditions and housing market dynamics.