The UK Chancellor announced a change to Capital Gains Tax from today: the lower rate of CGT from 10% to 18%, and the higher rate from 20% to 24%.
A question: if you sell today, do you pay the lower rate or the higher rate on your gains?! I remember that when a change was made to Stamp Duty under the previous government the change technically came in at midnight. What do people think / is there any HMRC guidance?
I would guess it’s effective from the start of next tax year but we will all need to wait until the full details are announced.
I was just looking into this and it says it kicks in immediately, so no time to sell at lower rates 
Source:
Gees, I really hope they make good efficient use of the funds they raise!
If they run Great British Energy right, who knows perhaps it will grow into something valuable that can help reduce the debt governments have grown over the years. That said only funding it with £100m is a joke.
Also just a bit of a rant, but I hate politicians pointing the finger at what they think are all the mistakes people made before them. There’s a reason they were in charge then and that’s because people voted for that not them, just focus on doing their jobs going forward and not pointing the finger elsewhere.
The penny a pint thing imo is a joke.
The thing I’m a bit confused about is how this fits in with the annual allowance.
How does that get pro-rated over the year if you’ve sold assets pre and post 30th October?
Good question, UK tax works on an average cost right, if I could I would apply my allowance to >30 October but they must have thought of that?
I’m not actually so sure for someone who sold on 30 October, before the Budget was published during the afternoon.
My reason: HMRC has a calculator for working out tax when you sold shares:
If you pop in 30 October it gives you the 10% rate, if you pop in 31 October it gives you the 18% rate.
It does feel very odd from a reasonable person perspective for a tax to in effect be retrospective in this sense? i.e. if you sold at 00:01 on 30 October you are charged at CGT rate announced 14 hours later!
What do you think?