The United Kingdom Chancellor of the Exchequer Rishi Sunak stated in the budget speech that the capital gains tax on most assets will increase from a lower tax rate of 10% to 18%, while the capital gains tax for high-income earners will increase from 20% to 24%, and indicated that the changes to the system will raise 2.5 billion British pounds. The increase in capital gains tax aligns the tax rates of most assets with those of property. Capital gains tax is paid on profits from selling assets exceeding 3,000 British pounds (3,896.70 US dollars), and the tax rate depends on the amount of income individuals typically pay in income tax as well as the size of the gains.