The current CGT rates are as follows:
Gains on residential property are taxed at 24% (18% if the individual is a basic rate taxpayer).
Gains on most other assets sit are taxed at 20% (10% if the individual is a basic rate taxpayer).
The first £1 million of gains relating to qualifying business assets may be taxed at 10% with the balance taxed at 20%, under Business Asset Disposal Relief (BADR).
Compared to income tax rates, which can reach up to 45%, these CGT rates are relatively low. This discrepancy has led to speculation that CGT rates might increase post-election, potentially aligning with income tax rates or through the introduction of other significant changes.