Lord Kinnock backs aligning levies on asset sales with income rates - Brook Mitchell/GettyLord Kinnock has told his protégé Andy Burnham to launch a capital gains tax raid at his first Budget. The former Labour leader said that tax rates on profits from the sale of assets should be aligned with those of income tax. Capital gains tax (CGT) is charged at 18pc for basic-rate taxpayers, rising to 24pc for higher and additional-rate taxpayers. Investors have already faced larger capital gains tax bills in recent years, after the annual allowance was slashed in stages from £12,300 in 2022-23, and now stands at just £3,000. Joshua Raymond, of investment platform XTB, said: "Capital gains tax has historically been lower than income tax because investing involves the possibility of losing money.