Capital Gains Tax could rise

Sales in second homes, and investment properties could rocket over the coming weeks as investors and property owners look to offload their assets before any rise in Capital gains tax in the UK coalition Governments’ first budget.

As part of a radical series of tax reforms planned by the Conservative-Liberal Democrat coalition, capital gains tax (CGT) is expected to rise for non-business assets from 18% to around 40%, say Government sources.

That means any profit made from second homes and other investments such as shares could be taxed much more heavily within a matter of weeks.

But with a budget due to be announced within 50 days, advisers warn that investors may face a race against time to beat the tax rise, if it is introduced with immediate effect.

If you need further advice on any matters regarding sales then please contact your closest branch.

14 May 2010


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