Cameron makes CGT climbdown
Over 65's likely to be spared government raid on business assets, which wants gains made on holdings such as second homes to be taxed closer to 40% than 18%
David Cameron has been forced to water down capital gains tax proposals to
ensure the elderly are not caught out by the moves.
It is believed that those over-65’s are to be spared the increase in CGT for
non-business assets, such as second homes.
The Chancellor George Osborne may announce the exemptions in the emergency
budget, the
Daily
Telegraph reported.
The coalition government announced a raid on non-business assets, which
called for gains to be taxed at a rate closer to 40% instead of 18%.
The plans were heavily criticised by politicians and business groups.
Further reading:
Clegg
signals backtracking on CGT
CGT
reform comes under Redwood attack
Coalition
will see CGT hike on the cards