Capital gains tax won’t rise to 39%, Keir Starmer suggests

CGT is payable by individuals, but also self-employed sole traders, partners in business partnerships and company owners, among others.

On profits above £3,000, it starts at a rate of 10%, or 18% on profits made from selling residential property other than a main home.

It then rises to 20% on any amount above the basic tax rate, or 24% on property.

Labour has ruled out raising the rates of income tax, VAT or National Insurance (NI) paid by employees, as well as corporation tax.

But it has not ruled out raising the amount of NI paid by employers, fuelling speculation that such a rise could be on the cards.

The prime minister was speaking at a government summit, at which ministers are hoping to showcase investment into the UK.

He added that tax rates were “not the first thing” investors had raised with him, adding their “real focus” was on how the government could spur growth by making it easier to get approval for infrastructure projects.