Chancellor John Healey says he wants to avoid an investor exodus from the UK
Chancellor John Healey has dismissed calls from some Labour MPs to increase Capital Gains Tax (CGT), according to Treasury sources.
Cabinet ministers Wes Streeting and Louise Haigh both previously voiced support for raising CGT before Andy Burnham became prime minister in July.
Ahead of next week's Budget, as first reported by the Times, external, Healey is minded not to increase CGT - which is imposed on the profit people make when they sell an asset that has increased in value, such as shares in a company or properties which are not primary residences.
The move followed warnings that it could end up costing the government money if wealthy people leave the country or defer selling off assets.