Increases to capital taxes had been widely signalled before the Budget, and it’s probably fair to say that - despite the range of measures announced - it is not as bad as it could have been.  

Some commentators had been calling for an equalisation of CGT and income tax rates.

In the event, increasing the basic rate to 18pc and the higher rate to 24pc, while leaving the rate for property unchanged at 24pc, takes us broadly back to where we were a few years ago. 

These rates largely reflect the levels that most experts predicted would maximise revenue.

Shaun Davison is a tax manager at Lovewell BlakeShaun Davison is a tax manager at Lovewell Blake (Image: Newman Associates PR) These changes were immediate, so there is no opportunity to offload assets to take advantage of the former, lower rates.

However, the changes to the Business Asset Disposal relief (the so-called ‘entrepreneur’s relief’) don’t start to come into effect until April 2025. 

The current 10pc rate on the first £1 million remains in place; this rate will climb to 14pc in April, and then 18pc (the same as the basic CGT rate) in April 2026.

Again, it could be worse - some predicted that BADR would be abolished altogether.