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This years Autumn statement has thrown an an unwanted change to the Capital Gains Tax that could impact heavily on some landlords. Previously a landlord could claim exemption for the final three years of capital gains on a property if they could prove the property had at one time in the past been their main residence. This years statement announced that the exemption period would be reduced in this April to just 18 months.
Other changes to CGT announced by George Osborne are hoping to close a current loop hole that allows foreign investors to avoid paying any CGT. The change might help cool the feverish prime London property market.
Read a summary of the Autumn Statement in the Financial Times
Read more on the CGT changes in the Telegraph
Read more on CGT changes in the Guardian
Read more in ThisisMoney
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3 comments:
Only matters if you are selling and you've made a taxable gain. No big deal in the larger scheme of things but I fear this may be the start of a slippery slope for BTL and taxation.
"Government's view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it."
Ronald Reagan
BTL is moving, expect more tax.
Guardian link needs correcting!
Thanks Alan for pointing that one out.
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