TaxPersonal TaxNew 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

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