(1)In section 1H of TCGA 1992 (the main rates of CGT)—
(a)after subsection (1) insert—
“(1A)Residential property gains (see Schedule 1B) accruing in a tax year to an individual are charged to capital gains tax at a rate of 18% or 24%.”,
(b)in subsection (2), omit paragraph (a) together with the “or” at the end of the paragraph,
(c)after subsection (4) insert—
“(4A)Residential property gains accruing in a tax year to the personal representatives of a deceased individual are charged to capital gains tax at a rate 24%.”,
(d)in subsection (5), omit paragraph (a) together with the “or” at the end of the paragraph, and
(e)in subsection (7), for “28%” substitute “24%”.
(2)In section 1I of that Act (income taxed at higher rates or gains exceeding unused basic rate band)—
(a)in subsection (1)—
(i)before paragraph (a) insert—
“(za)at the rate of 24% (if they are residential property gains),”, and
(ii)in that paragraph, omit “residential property gains or”,
(b)in subsection (2), in the words after paragraph (b)—
(i)after “is charged at the rate of” insert “24% (so far as comprising residential property gains), at the rate of”, and
(ii)omit “residential property gains or”,
(c)in subsection (5)—
(i)before paragraph (a) insert—
“(za)at the rate of 24% (if they are residential property gains),”, and
(ii)in that paragraph, omit “residential property gains or”, and
(d)in subsection (9)—
(i)before paragraph (a) insert—
“(za)at the rate of 24% (if they are residential property gains),”, and
(ii)in that paragraph, omit “residential property gains or”.
(3)The amendments made by this section have effect in relation to disposals made on or after 6 April 2024.