The government has published the Finance Bill 2024/25, which includes the tax changes outlined in the Budget on 30 October.

Tax measures aimed at bringing economic stability and grow the economy were enshrined through the bill, such as changes to capital gains tax (CGT) and inheritance tax (IHT) reliefs.

As announced in the Budget, the bill legislates for the higher and basic rates of CGT to be increased to 24 per cent and 18 per cent respectively.

Meanwhile, the bill confirmed that Business Asset Disposal Relief and Investors’ Relief will increase to 14 per cent from 6 April 2025, and rise again to 18 per cent from 6 April 2026.

The government said it expected these rate changes to raise £2.5bn by 2029/30 to help rebuild public finances.

The bill also legislated to close the ‘loopholes’ in the non-dom tax regime and begin the process of reforming that tax treatment of carried interest by increasing the applicable rates of CGT.

Commenting on the bill’s publication, Chancellor, Rachel Reeves, said: “Growth is our number one mission – and it depends upon stability.

“We’ve taken difficult decisions to restore that stability and now we’re going for growth.”

Exchequer Secretary to the Treasury, James Murray, added: “Last week’s Budget was a generational moment to wipe the slate clean by restoring economic stability and fixing the public finances, so that we can get on with our number one mission of growth.

“The Finance Bill will begin laying new paths to growth for key sectors with tax reliefs across film and TV, electric vehicles, and financial services.”

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