Saturday, October 20, 2007
Spin of a Landbitch: impact of Darling’s budget for the BTL
Spin, spin, spin. This bit*h did not understand consequence of the abolition of taper relief is short-term profiteering and market destabilization. "At the moment, when you come to sell your investment property, you could pay as much as 40% of the profits to the taxman. Thanks to what is known as “taper relief”, this can eventually fall to the equivalent of 24% (if you are a higher-rate taxpayer) or 12% (if you pay tax at the basic rate), but only if you keep the place for 10 years or more." There will be a glut of properties on the market before April, the millions btl'ers who are on 12% rate now.