Chancellor Jeremy Hunt has promised to pay the previous top rate of capital gains tax (CGT) when he sells his seven rental properties.

Quizzed by Robert Peston on ITV, Hunt said he would not be better off thanks to the recently announced cut in CGT.

The Chancellor slashed the top rate on property sales from 28% to 24% during his Spring Budget, which will reduce the tax bill for landlords with multiple homes if they choose to sell up.

He told Peston: “In fact I won't benefit from the CGT change because I took that decision and I’ve decided that when it comes to properties I own, it would be wrong for me to benefit from a direct decision like that. So I will pay tax at the previous rate. I will pay the 28%.”

When asked about the number of homes he owns, Hunt refused to answer the question. However, it has been widely reported that the Chancellor rents out a group of seven flats in a waterside development in Southampton.

Teased

During the Budget announcement, he teased Labour’s Angela Rayner about her property ownership but coyly told Peston his investments were “personal questions”. When pushed, he added: “We declare all these things.”

The buy-to-let landlord bought the portfolio in the waterside Ocean Village development through his Mare Pond Properties vehicle, where flats are currently up for sale for between £600,000 and £850,000.

Hunt also owns a half share of a holiday house in Italy and a half share of an office building in London, according to his declarations. His ministerial register states that some proceeds from his “residential investment property” are donated to charity.