The Chancellor John Healey rejected calls from his fellow cabinet ministers to raise capital gains tax in the upcoming Budget.
This tax applies to the profit made from selling off assets like a house or shares. Cabinet ministers Wes Streeting and Louise Haigh both backed raising capital gains tax over the summer, before Andy Burnham became the Prime Minister.
Mr Healey however ruled out the move to raise the tax after being told it could end up costing the Government money if wealthy people leave the country or defer selling off assets.
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