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. Hunt said: “That’s because when tax rates change, people change their behaviour and delay selling assets. Go too far in raising tax and revenues start to fall.” Mr Burnham, the Makerfield MP, is widely seen as a protege of Lord Kinnock, and regarded the peer as one of his political heroes.