MyIntroducer RSS Follow MyIntroducer on Twitter
 
 
   
Story  

Budget 2010: Capital Gains Tax hike will hit landowners and tenants, say CLA


23 June 2010

The CLA said that landowners who invest for the long-term will be “disappointed” their gains will be taxed at the same rate as short-term speculative gains - without even any allowance for the effects of inflation.

CLA President William Worsley said:

“Landowners will in any case be badly affected by the increase in the tax rate from 18 percent to 28 percent. The disposal of non-liquid assets such as land which cannot be disposed of in small parcels naturally results in large gains being realised, albeit at infrequent intervals.

“The addition of the capital gain to taxable income, under the new rules, will take the gain into the 28 percent tax rate even where the landowner's income is subject only to the basic rate of tax.”

However, The CLA welcomed the Chancellor's confirmation that the special tax rules for Furnished Holiday Lettings will remain in force for the rest of the current tax year.

These rules have enabled farmers to diversify into providing tourist accommodation on farms, benefitting other local businesses such as pubs, restaurants and leisure attractions, as well as farmers.

The CLA looks forward to taking part in the Government consultation on proposed changes to the rules for increasing the number of days for which qualifying properties have to be available for letting and are actually let.

The Association will also discuss the way in which reliefs for losses are given to make sure farmers are not discouraged from providing and improving holiday accommodation on farms.


Back to News Print Article
 
Our Partners  
MyIntroducer
The finance news, comment and reviews website created exclusively for the modern financial professional.
Debt Introducer
The Home of the Debt Solutions Professional. Industry News, Reviews & Comment aimed specifically at debt solutions specialists.
Factel Studio
Commercial Website's designed and managed completely by yourself from as little as £10 Per Month.
MailEm
Email Marketing Made Easy! Deliver your message to over 3.5 million businesses using Mailem's simple cost-effect email delivery system.
Related Stories  

 Residential property auctions on the up

 Outlook for rents remains firm on rising tenant demand

 Tenants need to brace themselves for rent increases

 Even lottery millionaires need bridging finance

 Coalition Government lets down leaseholders

 Drawbridge finance offers second charge exclusive

Featured News  

Is your financial future at risk? Asks Prudential's Investment director

Watch a live web TV show to find out what you need to do to secure a prosperous retirement

Santander Business Banking to offer loan & bond products through NACFB

NACFB members will have access to improved products from Santander Business Banking the National Association of Commercial Finance Brokers has announced.

Debt levels could be 'tip of the iceberg', warns The Debt Advisor

Figures published today by the Insolvency Service show the number of personal insolvencies in England and Wales reaching 34,743 in the second quarter of 2010.

Turn on the rental tap, urges Assurant Intermediary

Specialist general insurance provider, Assurant Intermediary, urges intermediaries not to ignore the residential rental market as a potential source of business.

Enterprise Finance strengthens business development team

Enterprise Finance, the national secured loan and bridging finance master broker has announced the appointment of a new business development manager for the Northern region.

Home | Terms Of Service | About Us | Privacy Policy | Anti Spam Policy | Advertise on Commercial Introducer | Contact Us

ADVICE TO READERS
While this website is checked for accuracy, Barcadia Media Limited are not liable for any incorrect information included. We recommend that you make enquiries based on your own circumstances.

Commercialintroducer.com is a trading style of Barcadia Media Limited © 2009
Barcadia Media Limited. Registered in England & Wales No. 6970806 Registered address. Barcadia Media Ltd, Unit 6, 154-158 Church Street, Blackpool, Lancashire, FY1 3PS. Tel: 0845 435 8544 Data Protection Notification No: Z162 1548