{"text":[[{"start":8.25,"text":"Chief executives of the UK’s largest investment sites have warned against increasing capital gains tax in the upcoming Budget. They say it could deter savers from investing in the stock market, creating a conflict with one of the government’s stated aims."}],[{"start":22.2,"text":"CGT is charged on profits from selling assets such as shares, businesses and second homes. The main higher rate was increased in the 2024 Budget from 20 per cent to 24 per cent. The annual allowance — the amount exempt from CGT — was also cut in half to £3,000."}],[{"start":41.95,"text":"Concerns that CGT could rise further have intensified in recent weeks, as it sits outside the Labour government’s commitment not to increase taxes on working people."}],[{"start":51.6,"text":"But wealth management bosses urged the Treasury against making the tax more punitive, noting that it could undermine the government’s attempts to encourage more people to invest and back the UK’s equity market."}],[{"start":65.1,"text":"Matt Benchener, chief executive of Hargreaves Lansdown, told the FT: “The government wants to get more Britons investing, but raising capital gains tax would work directly against that goal. "}],[{"start":76.85,"text":"“By some estimates, more than £600bn sits in excess cash, its value being eroded by inflation. Taxing investment returns more heavily would be another deterrent for cautious savers who need to be encouraged to take the next step and invest.”"}],[{"start":94,"text":"“They say they are trying to foster a retail investing culture, but their policies are doing the opposite,” said Michael Summersgill, chief executive of AJ Bell. “The chancellor should be looking to encourage long-term investing by simplifying tax rules instead of continually layering on complexity and cost.”"}],[{"start":112.45,"text":"Richard Wilson, chief executive at Interactive Investor, said: “You cannot build a nation of investors while increasing the tax on investing. Higher capital gains tax reduces the incentive to take risk, back businesses and build long-term wealth. "}],[{"start":127.95,"text":"“At a time when the government says it wants growth, raising CGT would send entirely the wrong signal to millions of savers and investors whose capital helps power the economy.”"}],[{"start":138.85,"text":"Investment sites tend to charge dealing fees when investors make trades — such as selling their shares."}],[{"start":145.7,"text":"Other wealth managers point out that increasing CGT will not necessarily generate more revenue for the government."}],[{"start":153.64999999999998,"text":"Steven Levin, chief executive of Quilter, noted that investors could end up deferring the sale of assets as a result. “Any changes to CGT therefore need to be assessed not only through a fiscal lens, but also through their impact on investment activity, entrepreneurship and the UK’s attractiveness as a destination for capital.”"}],[{"start":172.54999999999998,"text":"Higher CGT could also lead more people to invest in gilts, which do not incur CGT, instead of shares. Peter Hargreaves, co-founder of Hargreaves Lansdown, said: “If there is less advantage in investing for growth, [people] will change, they will look at low-coupon gilts, which are CGT free.”"}],[{"start":200.1,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1791014363_9446.mp3"}