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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.

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