Monday, Apr 26, 2010
Lib Dems Tax bombshell for Property Spivs
Lib Dems 2010 Manifesto: Liberal Democrat Manifesto 2010
Can't see the Tory bed fellows liking the Lib Dems intention to crack down on CGT and Stamp duty avoidance
by the monied classes: "Tackling tax avoidance and evasion, with new powers for HM Revenue & Customs and a law to ensure properties can’t avoid stamp duty if they are put into an offshore trust."
"Through our policy on Capital Gains Tax, ensure that those who use second homes as speculative investments will pay tax on enhanced
capital value at the same rate as on earned income, not at 18 per cent as at present."
But then again, I defy anyone to find a defacto HMRC closed definition of what a "second home" is. e.g. You can only OWN 1 home, but the HMRC will try to argue it's a second home, if you have to rent somewhere else while you work (except if you in the Armed Forces)
3 Comments
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1. Nick said...
Completely agree that if you are buying a second property for buy to let or for investment purposes then you should pay tax at a higher rate. And people who buy property for place to live should pay no stamp duty and very little capital gains. But from an implementation perspective, don't know how easy it would be to do.
2. mark wadsworth said...
Lib Dem property tax policy is a right old mess. There is a Georgist wing who wants to replace as many taxes as possible with land Value Tax (Vince Cable's Mansion Tax is about all that remains of it, apart from a one-liner somewhere on Business Rates that says it should be replace with Site Value Rating aka Land Value Tax).
BUT BUT BUT
the populists got the upper hand and they seriously suggest replacing council tax with Local Income Tax (of about 3.5%) which is a quantum leap in the wrong direction.
Plus the Lib Dems are hideously pro-EU, pro-big government so I wasn't going to vote for them anyway.
3. Crunchy said...
Tax bombshell for all. Don't kid yourselves.