A drastic increase in the amount they’d have to pay if they sold up because of the proposed hike to Capital Gains Tax has almost half of UK landlords worried. However, despite this, most say they plan to stay in the market.
People selling buy-to-let properties or other property owners could clock up financial penalties due to ‘seismic’ changes to the capital gains tax payment rules, tax expert Imogen Lea (pictured) from Clarke Willmott LLP has warned.
Farmers and estate owners who sell off residential properties will have just 30 days to pay any capital gains tax (CGT) due after new rules come into force on 6 April.
The Chartered Institute of Taxation (CIOT) is calling for the aims and use of private residence relief to be reviewed in terms of how it affects the proceeds of the sale of homes.
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