UK Chancellor of the Exchequer, Rishi Sunak, announced in his budget speech that the capital gains tax for most assets will increase from the lower rate of 10% to 18%, and for high earners the capital gains tax will increase from 20% to 24%. He also stated that this change in the system will raise £2.5 billion. The increase in capital gains tax will bring the tax rate for most assets in line with the tax rate for property. Capital gains tax is paid on profits from the sale of assets that exceed £3,000 ($3,896.70), and the tax rate depends on the amount of income tax people usually pay and the size of the gains.

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