Labour's ‘anti-landlord' tax to hit tenants hardest [Yahoo! Finance]
RIGHTMOVE PLC UNSP/ADR (RTMVY)
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Source: Yahoo! Finance
Purplebricks chief executive, Sam Mitchell, condemned Labour's anticipated capital gains tax (CGT) raid which could force landlords to pay thousands of pounds more on the sale of their properties. Mr Mitchell told The Telegraph the plan – expected to be announced by Chancellor Rachel Reeves in the Budget later this month – would drive landlords out of the market therefore exacerbating housing shortages and pushing up rents. Mr Mitchell said: “If you put capital gains tax up, you will have this rush of landlords selling up which is bad for tenants, puts rents up and makes it very difficult to become a first-time buyer.” He added: “It's almost impossible to save for a deposit if you're a tenant that's shelling out well over £1,000 a month on rent.” The Purplebricks boss said the platform had already seen a wave of landlords exiting the market ahead of the Budget on October 30. CGT is paid on the sale of items that appreciate in value such as shares and properties. Homeowners
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