Landlords 'need to be included in CGT exemptions'
Landlords who own flats to rent in the London borough of Wandsworth may be interested to learn that one organisation has called on the government to include buy-to-let specialists in any potential capital gains tax (CGT) exemptions.
The National Landlords Association (NLA) stated that while the general election did not address the issue of housing on a large scale, it is important whichever party is in parliament encourages investment in the residential property market.
According to the body, which represents more than 19,000 members in the UK, an 18 per cent flat rate on capital gains on non-business assets is due to be swapped for income tax bands ranging from 20 to 50 per cent.
David Salusbury, chairman of the NLA, said: "When landlords let property they are running a lettings business. Today, we are calling on the government to ensure profits from this business activity are included as part of the exemptions."
Posted by Andy Britten
Published 12th May, 2010
© 2010 Estates IT Limited
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It is important that landlords are included in any potential capital gains tax exemptions planned by the government, it has been claimed.