motion_title: Income Tax (Charge): 6. Capital gains tax (the main rates)
motion_text: Question put,
  That—
  (1) In section 1H of the Taxation of Chargeable Gains Act 1992 (the main rates of CGT)—
  (a) omit subsection (1A) (which sets out the rates for residential property gains accruing to individuals),
  (b) in subsection (3) (which sets out the rates for gains accruing to individuals that are not residential property gains or carried interest gains)—
  (i) for “10%” substitute “18%”, and
  (ii) for “20%” substitute “24%”,
  (c) omit subsection (4A) (which sets out the rates for residential property gains accruing to personal representatives),
  (d) in subsection (6) (which sets out the rates for gains accruing to personal representatives that are not residential property gains or carried interest gains), for “20%” substitute “24%”,
  (e) omit subsection (7) (which sets out the rates for residential property gains accruing to trustees), and
  (f) in subsection (8) (which sets out the rates for gains accruing to trustees that are not residential property gains or carried interest gains)—
  (i) omit “Other”, and
  (ii) for “20%” substitute “24%”.
  (2) The amendments made by this Resolution have effect in relation to disposals made on or after 30 October 2024.
  (3) If an asset is transferred on or after 30 October 2024 under an unconditional contract made before that date, the disposal is, despite section 28(1) of the Taxation of Chargeable Gains Act 1992, to be treated for the purposes of the amendments made by this Resolution as taking place at the time the asset is transferred (rather than at the time the contract is made) unless the contract is an excluded contract.
  (4) A contract is an excluded contract if—
  (a) obtaining an advantage by reason of the application of section 28(1) of the Taxation of Chargeable Gains Act 1992 was no purpose of entering into the contract, and
  (b) where the parties to the contract are connected persons, the contract was entered into wholly for commercial reasons.
  (5) A contract is not to be regarded as an excluded contract unless the person making the transfer makes a claim which includes a statement that the contract meets the conditions to be an excluded contract.
  (6) But no claim is required if the total amount of—
  (a) the chargeable gain accruing on the disposal, and
  (b) the chargeable gains accruing on all other disposals made under excluded contracts, does not exceed £100,000.
  (7) For this purpose the amount of any gain accruing on a qualifying business disposal is to be taken to be the amount of the gain under section 169N(2) of the Taxation of Chargeable Gains Act 1992.
  (8) If the person making the transfer makes—
  (a) a claim under section 169M of the Taxation of Chargeable Gains Act 1992 in relation to a qualifying business disposal (business asset disposal relief), or
  (b) a claim under section 169VM of that Act (investors’ relief) in relation to a disposal, section 169M(2) and (3) of that Act, or (as the case may be) section 169VM(1) and (2) of that Act, apply to a claim under paragraph (5) in relation to the disposal as they apply to a claim under the section concerned.
  (9) In this Resolution “qualifying business disposal” has the meaning given by Chapter 3 of Part 5 of the Taxation of Chargeable Gains Act 1992.
  (10) In this Resolution any reference to the transfer of an asset includes its conveyance.