Hot Property or Not? ; Corrina Watson, Assistant Tax Manager, Birmingham, Assesses the Pros and Cons of Changes to Capital Gains Tax
Birmingham Post › November 22, 2007
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Summary
With the number of people in the UK owning second homes and buy- to-let properties currently in excess of pounds 650,000, many have hailed the changes to the capital gains tax (CGT) regime as a real winner for these individuals.
The current legislation means that CGT is charged on the profit made from the disposal of the property, over and above the capital gains tax exemption rate of pounds 9,200 (07/08).See the full content of this document
Extract
Hot Property or Not? ; Corrina Watson, Assistant Tax Manager, Birmingham, Assesses the Pros and Cons of Changes to Capital Gains Tax
The profit is calculated by deducting the original property cost, any enhancement costs and an indexation allowance (to reflect inflation) from the sale price.
The CGT rate applied to the profit then takes various factors into considerat...See the full content of this document
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