Cameron Targets Second Homes ; Capital Gains Tax Could Rise to 50% Government Will Target Owners of Second Homes in Tax Rise Proposals [Edition 2]

Summary

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Second home owners are to be targeted in one of the major tax rises planned by the new government, raising hopes it could free up properties for local families in the Westcountry. Prime Minister David Cameron signalled that a new rate of capital gains tax would take aim at people who buy holiday homes as an investment, while supporting those who back business. Capital gains tax is predicted to increase from its current level of 18 per cent to 40 per cent or even 50 per cent, depending on the level of income tax people pay.

Some industry experts predicted a "rush" of properties on to the market, as owners sought to avoid the rise, which is among a number of tax and spending changes expected in Chancellor George Osborne's emergency budget, which it was announced yesterday would be held on Tuesday, June 22.

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Cameron Targets Second Homes ; Capital Gains Tax Could Rise to 50% Government Will Target Owners of Second Homes in Tax Rise Proposals [Edition 2]

Details of Pounds 6 billion of spending cuts to be made this year will be set out next week, while all spending decisions taken by Labour ministers since the start of the year are to be reviewed.

The coalition has warned that it is lookin...

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