Property investment adviser Assetz warns chancellor Alistair Darling’s capital gains tax changes will break European law if they are introduced.
‘The chancellor does not seem to be concerned about announcing the details of the changes just days before they would otherwise be implemented,’ Stuart Law, Assetz chief executive, said. ‘However it is potentially illegal under European law to make this change applicable without providing an acceptable notice period for all those likely to be affected.’
He said that, forcing through the revised 18% tax from April this year did not give sufficient time for business owners and property investors with potential capital gains to get their affairs in order.
Law said this would leave the government open to a judicial review or investigation by the European courts.
Further reading:
Three business leaders urge tax changes scrapped
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