Wednesday, February 6, 2008

Sell your holiday house before april the 6th if you have had it a while!

CGT change may hit second homeowners

As basic rate taxpayers they will have to pay tax at 20% making their bill £4,000. Under the new regime, they will be taxed on £76,100 after using their personal exemptions, making their bill a whopping £13,698 - more than three times as much...... The people that bought a second home before 1998 should sell now before you get stitched up! And the sheeple that bought after will probably flood the market for their 18% tax break (on what's left of their profit by then!!!)

Posted by holding off @ 05:45 PM (493 views)
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2 thoughts on “Sell your holiday house before april the 6th if you have had it a while!

  • mark wadsworth says:

    Heh heh, nice one. That’s how evil our government is – trying to stave off the invetable HPC by asking people to hang on for a few more months with the promise of a tax rate of ‘only’ 18% while at the same time increasing the bill for a lot of people, heh heh.

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  • Mark, it’s not a question of the Gov being “evil” they are the government of unintended consequences (basically incompetent) for example the new proposed CGT changes (not finalised yet) have made an uneven playing field between investment vehicles such as Unit Trusts/OEIC’s and investment bonds – I wont eleborate on here but the treasury have had representation from the leading Insurers that if the changes go ahead they will face a deficit in receipts of approx £4-5 Billion. Crash & Darling are clueless.

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