Jo Bateson, Tax Partner at KPMG, comments on the residential capital gains tax rate and its impact on the housing market.
Commenting on the residential capital gains tax rate Jo Bateson, Tax Partner at KPMG, commented:
“George Obsorne has once again targeted buy-to-let landlords by maintaining the current capital gains tax rate of 28% on all residential property while cutting the rate for most other assets to 20%.
“Given that this is due to come into effect from 6 April 2016, there is no incentive for homeowners to sell and therefore we are unlikely to see an influx of houses coming on to the market in the near term. What we are going to see however, is another penal tax rate being applied to landlords.”
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