New Govt increase CGT to 40%
A leak to the financial experts Bloomberg says new government are to scrap their idea of £1m Inheritance Tax Allowance (within 12 hours of taking office they do a turn around!) and they will also increase CGT for non business assets including us landords to 40%. At present we pay 18%.
Watch out for the scraping of the £50k per property improvement allowance too. Speak to your accountant urgently.
Bad news, bad news.
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