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Tuesday, June 22, 2010

CGT Budget- Phew!

Capital Gains Tax is to stay at 18% for landlords paying income tax at the basic rate. The Chancellor however in his speech at lunch time today announced that from midnight tonight top rate tax payers will have to pay CGT at the revised rate of 28%.

Many commentators were predicting that CGT for landlords could rise to 40 or even 50%. However, it looks like the Treasuries tactic of preparing landlords for an apocalyptic scenario has worked. Most landlords will now be muttering an audible phew!

More details on how the Emergency Budget will effect landlords to follow.

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