Deloitte: CGT taxpayers could quadruple
If the full scope of Lib Dem CGT proposals are implemented…
Meaning a million investors would find themselves caught in the CGT net.
CGT on “non-business assets”, including second homes, buy-to-let properties and shares, is expected to rise from the current 18 per cent flat rate to a top rate of 40 or even 50 per cent, to fall in line with the higher rates of income tax. And if the Liberal Democrats get their way, the tax will kick in below the current starting level of a £10,100 profit on any investment income at a lower threshold of £2,000.
The pips will be squeeking at the very thought.
Daily Telegraph: Lord Forsyth, the former Tory Cabinet minister who headed a tax reform commission for the party, condemned the plans.
He told the BBC: “If it [CGT] is increased to 50 per cent this will have a very devastating effect on, for example, people who have bought buy-to-let properties as part of their pension investments. At 50 per cent it is simply too high.”
