(1) In section 1H of the Taxation of Chargeable Gains Act 1992 (the main rates of CGT) —
(a) after subsection (1) insert—
“(1A) Residential property gains (see Schedule IB) 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 II of that Act (income taxed at higher rates or gains exceeding unused basic rate band)—
(a) in subsection (1) —
(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) —
“(za) at the rate of 24% (if they are residential property gains),”, and
(ii) in that paragraph, omit “residential property gains or”, and