New chief secretary defends lack of CGT payout on his home

New chief secretary defends lack of CGT payout on his home

Danny Alexander sticks up for a lack of CGT payment on sale of his second home in London, on which he had claimed £37,000 in expenses

The new chief secretary to the Treasury Danny Alexander has been forced to
defend himself against claims that he failed to pay CGT on his second home.

Taking over from David Laws who stepped down after controversy over his
expenses claims on flats owned by his partner, Alexander insisted he had stuck
to the rules.

He had sold his London flat, on which he had claimed more than £37,000 in
expenses, without paying CGT.

But under the rules he was exempt from paying the tax for three years after
buying a second property on the condition that it used to be the main residence.

‘I paid all the taxes required but CGT was not payable on the disposal of my
flat. I have already publicly declared that I will pay capital gains tax if the
time comes for me to sell my [new] second home,’ said Alexander.

Further reading:

CGT
reform comes under Redwood attack

Coalition
tax plans may hurt small business, warn advisers

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource