Saturday, May 29, 2010

The HPC begins?

The growing CGT rebellion: Fear of tax grab sparks mass sale of homes and shares

Homes are flooding on to the property market and shares are being dumped by worried investors who hope to dodge the Government's controversial plans to hike Capital Gains Tax. The country's biggest estate agency group, Countrywide, said the number of homes put up for sale in the past week was 34 per cent higher than the week before and 68 per cent higher than this time last year. Investment experts believe plans to increase the tax on profits made on 'buy to let' properties and share portfolios are a key element of the great rush to sell.

Posted by gone-to-colombia @ 12:37 AM (1777 views)
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8 thoughts on “The HPC begins?

  • tenyearstogetmymoneyback says:

    Hopefully they will remember the ending of dual tax relief and the massive distortion that caused in the market.
    My neighbours sold their house in six hours to an engaged couple who didn’t even move in until a year later.

    Of course this time it would be the vendors desparate for a sale. This weeks price £200000 next week I might
    not want to sell at £230000.

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  • Not much evidence of this happening if you actually do your own research. For some weeks there have been 47 or 48 properties for sale on Rightmove in my village. Today there are 46.

    allowed shrugs

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  • Look at the reader comments: overwhelmingly in favour of the CGT raise!

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  • Fear and loathing and blind moneygrabbing panic.

    macabre incoming

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  • This is all media hype aimed at frightening the government not to tax second homes to harshly.

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  • I have no objection in principle to the increase in CGT rates “back to what it was previously”. However if this happens then taper relief/indexation should also be reintroduced to protect assets against the effect of inflation. I also feel that the £10k yearly CGT allowance should be able to be carried over into successive years. This would mean that a get rich quick merchant who gains £100k in 2 years for example, gets taxed more that someone who’s built that amount up over a much longer period such as 20 years.

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  • Michael Caine’s remarks are more relevanr to bloody income and corporate taxes than to bloody capital gains tax. Not a lot of people know that.

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  • mark wadsworth says:

    I’m always surprised at how sensible the comments at the Daily Mail are, given the rabidly Home-Owner-Ist nature of most of the articles.

    as clubbing

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