Government announce CGT to increase for higher-rate tax payers

George Osbourne has announced in his emergency budget today that Capital Gains Tax will be increased to 28% for higher-rate tax payers from midnight tonight.  However CGT will remain at 18% for lower rate tax payers.  The CGT exempt amount remains at £10,000 for this year.

VAT is to rise to 20% in January next year and child benefit will be removed from families earning more than £40,000 per year.

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