Rachel Reeves should increase capital gains tax (CGT) at Labour’s upcoming Budget, a group of millionaire business owners have urged, estimating the measure would raise £14bn a year.

Rachel Reeves set to raise capital gains tax rate on sales of shares in Budget - Budget reforms will not increase the rate on sales of properties, it has been reported

Ahead of the autumn budget from the new Labour Party government, the millionaire entrepreneurs said they would welcome an increase to 45% in capital gains tax to match the higher rate of income tax.