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Labour has been warned that its proposed reforms to Capital Gains Tax could seriously damage the property market. Under current UK tax law, primary residences are exempt from CGT.

However, the Government wants to remove or reduce this exemption for higher-value homes. While HMRC thresholds, rates, and exemptions are yet to be confirmed, UK homeowners have strongly rejected any changes as unfair, financially damaging, and potentially disruptive to the housing market.

The Chancellor's Autumn Budget on November 26 is expected to set out any modifications to the tax system. Rachel Reeves has acknowledged she is looking at potential tax rises and spending cuts to fill a hole in Britain's finances. She says the economy is still suffering from the impact of Brexit, austerity pol

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