Potential Changes to Capital Gains Tax October 2024

With a recently announced £22 billion gap in public finances, the forecast is that there will be significant changes in the CGT regime in the Budget expected 30 October 2024. Whilst the exact details of the Budget are unknown, in a speech in August, Prime Minister Kier Starmer stated that it was “going to be painful” - resulting in widespread concern regarding the potential changes; we expect there will be a significant impact on every aspect of the property market.

With the impending deadline looming, we are seeing an increasing number of individuals getting in touch for our assistance with their property transactions, looking to finalise their arrangements before the changes come into force, to avoid the potentially detrimental impact that an increase that CGT could have on the net value of investment properties for sellers.

In particular we have seen a major upturn in the number of clients requesting our assistance to prepare and list their investment properties for auction. The auction route can significantly speed up the sale transaction, particularly as we inch closer to the deadline.

If you, or someone you know, requires assistance with buying or selling a property; via auction or otherwise, we would be delighted to assist. Feel free to contact us at 020 8290 0440.