Capital Gains Tax

M25 WAR · 29th May 2010, 04:17

How many of you will fall foul of the new policy of raising CGT on the sale of 2nd properties from 18% to 40% or 50%?

As Norman Tebbit once said "get on your bike to find work", which is exactly what I did 2.5 years ago, and now I have 2 properties I'm going to get shafted.

FredSpencer · 29th May 2010, 06:30

Quote:

Originally Posted by M25 WAR

How many of you will fall foul of the new policy of raising CGT on the sale of 2nd properties from 18% to 40% or 50%?

As Norman Tebbit once said "get on your bike to find work", which is exactly what I did 2.5 years ago, and now I have 2 properties I'm going to get shafted.

No you're not. You will only have to pay tax on the difference between what you paid for the property and what you sell it for, if you sell it. If you don't sell then it makes no difference. In the meantime you, and all the other people who own more than one house, have reduced the availability of houses so pushing up the price for people who haven't even got one. But never mind that, you just have a good old moan about how hard done by you are and concern yourself not about how you are 'shafting' other people.

Zeb · 29th May 2010, 07:18

Alternatively....perhaps by buying a house and making it habitable to rent out to some of the many people who currently cannot get mortgages M25 WAR has actually done a service to the community Fred

There has been no announcement saying it will be 40-50%....as that nice Mr Cameron says, no policy decision has yet been made....

FredSpencer · 29th May 2010, 07:56

Quote:

Originally Posted by Zeb

Alternatively....perhaps by buying a house and making it habitable to rent out to some of the many people who currently cannot get mortgages M25 WAR has actually done a service to the community Fred

There has been no announcement saying it will be 40-50%....as that nice Mr Cameron says, no policy decision has yet been made....

Zeb, I'm busy this morning but will respond later. Needless to say I don't agree with your first bit.

Raistlin · 29th May 2010, 09:54

Quote:

Originally Posted by FredSpencer

Zeb, I'm busy this morning but will respond later. Needless to say I don't agree with your first bit.

Not many people do agree with Zeb's bits

JohnDotCom · 29th May 2010, 15:05

Have they Taxed Zeb's bits to now?

Rover418275 · 29th May 2010, 15:15

Just would like to point out that many of the houses that have ended up as investments as opposed to homes for first time buyers have been rather run down properties that were acquired at auctions.

A great number of these properties were then let to DSS tenants.
I have many clients who own just a few properties and are not making a great deal on money on their investment.

A large number of these investment properties are in areas where first time buyers do not want to live. Where these properties are in areas of social deprivation the only people who want and can buy houses are the private landlords. They then rent out the properties to local people who are usually on benefits. Also in these areas there is usually a lack of adequate social housing, the option to 'get on their bikes' is just not a reality.

29th May 2010, 04:17	#1
M25 WAR Avid contributor MG ZT+ 1.8T Saloon Join Date: Apr 2010 Location: Herts Posts: 126 Thanks: 0 Thanked 0 Times in 0 Posts	Capital Gains Tax How many of you will fall foul of the new policy of raising CGT on the sale of 2nd properties from 18% to 40% or 50%? As Norman Tebbit once said "get on your bike to find work", which is exactly what I did 2.5 years ago, and now I have 2 properties I'm going to get shafted. __________________ MG53 registration mark for sale

29th May 2010, 07:18	#3
Zeb Banned MGZT V8 & ZTT 190+LPG Join Date: Nov 2006 Posts: 8,089 Thanks: 0 Thanked 0 Times in 0 Posts	Alternatively....perhaps by buying a house and making it habitable to rent out to some of the many people who currently cannot get mortgages M25 WAR has actually done a service to the community Fred There has been no announcement saying it will be 40-50%....as that nice Mr Cameron says, no policy decision has yet been made....

29th May 2010, 15:05	#6
JohnDotCom * Rover 75 FaceLift Tourer CDTi 170BHP Auto ConnSE 2005 Model Starlight Silver Join Date: Nov 2006 Location: Abergele Posts: 28,735 Thanks: 0 Thanked 6 Times in 5 Posts	Have they Taxed Zeb's bits to now?

29th May 2010, 15:15	#7
Rover418275 Banned Rover 75 Tourer Join Date: Mar 2009 Location: Northwich Posts: 1,099 Thanks: 0 Thanked 2 Times in 2 Posts	Just would like to point out that many of the houses that have ended up as investments as opposed to homes for first time buyers have been rather run down properties that were acquired at auctions. A great number of these properties were then let to DSS tenants. I have many clients who own just a few properties and are not making a great deal on money on their investment. A large number of these investment properties are in areas where first time buyers do not want to live. Where these properties are in areas of social deprivation the only people who want and can buy houses are the private landlords. They then rent out the properties to local people who are usually on benefits. Also in these areas there is usually a lack of adequate social housing, the option to 'get on their bikes' is just not a reality.