Landlords 'reconsidering property investment'
by Morag Lyall
The rise in capital gains tax (CGT) is leading to two-thirds of landlords to reconsider future property investment, a new survey has found.
According to LSL Property Services, nine out of ten landlords oppose the CGT rise and 26 per cent said that they would consider selling their property before the introduction of the revised tax.
Commenting on the CGT rise, Ellie Irwin, press officer at the National Landlords Association, said: "The CGT rise is only an issue if you plan to sell now. The majority of landlords hang on to their assets and plan into the long-term."
She suggested that there could be more "appropriate ways" to raise tax rather than through an "arbitrary CGT rise".
Landlords with tenancy agreements should expect to find out how much the CGT will increase by during the Budget speech on June 22nd.
It is expected, however, that the tax could rise to as much as 40 per cent, although the government said that there would be a number of exemptions.
Published on: June 3, 2010
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