Reeves exempts landlords from tax grab in victory for The Telegraph [Yahoo! Finance]
RIGHTMOVE PLC UNSP/ADR (RTMVY)
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Source: Yahoo! Finance
In a victory for this newspaper, second home owners and buy-to-let investors will be spared any rises to the levy which instead will target shares and other assets. It comes after months of uncertainty over how the Chancellor would raise billions in taxes at the Budget , leading to fears landlords would be hit with higher CGT bills. Reports previously suggested the tax could be increased in line with income levies which could have forced higher-earning property investors to hand over as much as 45pc of their profits on homes to the taxman. However, sources told The Times on Wednesday night that a rise in CGT would apply only to the sales of shares and other assets while second homes will be exempt. It means the CGT rate paid by these homeowners will remain untouched at 24pc for higher-rate taxpayers. Reeves is instead poised to raise the current 20pc rate levied on the sale of shares and could target other assets, while some reliefs in the current system are also expected t
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