Capital Gains Tax
The new Chancellor of the Exchequer George Osborne has announced his first budget. He declared that Capital Gains tax will rise to 28% from midnight tonight (22/06/2010) for higher rate tax payers. It will however remain at 18% for low and middle income earners.
Is there any way this higher rate be reduced?
If you are married or in a civil partnership and selling a second home which you jointly own, it may be possible to reduce the higher rate of Capital Gains Tax. This can be done if one of you is a lower rate tax payer. You are legally entitled to transfer your property to your spouse or civil partner. If the property is transferred to the lower rate tax payer before selling, you will both avoid paying the higher rate once the property is sold.
For more information pleaseclick here to contact Kate McNamee or call 01442 261731.
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