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Capital gains tax changes
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The recent changes were in the news a good while back. At the time it was a matter of the rate going up by 80% from 10% to 18% as a flat rate across the board and taper relief being scrapped. However, the media were saying that not everyone would pay more but I never heard anything definitive - what was that about ? I seem to remember buy-to-let properties being mentioned in this connection.
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The basic rate of Capital Gains Tax is 18%. However the Government introduced Entrepreneurs relief on business assets which effectively reduces the tax payable to 10%.
This applies to gains up to �1million and only applies to 'business assets'. Buy to let property does not qualify for the relief and would be chargeable at 18%.
This applies to gains up to �1million and only applies to 'business assets'. Buy to let property does not qualify for the relief and would be chargeable at 18%.
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