L

Lord Sikka (Lab)

Speaking in the House of Lords on 9 October 2024

Debate

UK Economy: Capital Gains Tax

Contribution

My Lords, research shows that taxing capital gains at lower rates than wages does not boost investment in productive assets. It fuels unfairness and tax abuse, as the well-off seek to convert income to capital gains. Is the Minister aware that taxing capital gains at the same rate as wages can raise between £12 billion and £15 billion a year and also reduce tax abuse? If so, when can we expect to see the policy change?

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