The higher rate of property capital gains tax is to be reduced from 28% to 24%.

The Government said that it had concluded, following a review of costs by the Treasury and the OBR, the change would increase revenues because
there would be more transactions.

However, the lower rate will remain at 18% for any gains that fall within an individual’s basic rate band.

On that point, the official Budget papers stated: “This will encourage landlords and second homeowners to sell their properties, making more
available for a variety of buyers including those looking to get on the housing ladder for the first time, while also raising revenue over the
forecast period.”