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LibDems want CGT on all home sales over £1m

The Liberal Democrats are pushing for capital gains tax to be levied on all homes sold over £1m after acknowledging they will lose the battle to retain the 50p highest rate of income tax.

Chancellor George Osborne has signalled that he wants to scrap the 50p rate, which affects incomes over £150,000, as soon as practicable.

The Treasury is undertaking work on how much extra revenue is raised through the tax due to fears that it is being widely avoided.

Last month, Treasury Chief Secretary Danny Alexander said those calling for the 50p rate to be removed were “living in cloud cuckoo land” although a report in the Financial Times this week suggests the LibDems now accept it will be scrapped.

The FT reports that Business Secretary Vince Cable will be pushing for a the introduction of CGT, levied at 28 per cent, on the gains from the sale of all homes worth over £1m, rather than just second homes, as an alternative.

Chadney Bulgin mortgage partner Jonathan Clark says: “I do not think this is something that will ever happen politically. It will never be accepted, people would not stand for it.”



Skipton Intermediaries – 7-Year Fixed Rate to 85% LTV

Type: Fixed-rate mortgage Fixed term: Until November 30, 2018 Fixed rate: 5.49% Minimum loan: no minimum Maximum loan: Up to 85% of valuation subject to a maximum of £500,000 Income multiples: Based on affordability Conditions: Capital repayments of up to 10% a year allowed without penalty in the fixed-rate period, free valuation and free legal […]

Fitch affirms US rating at AAA

Fitch Ratings has affirmed the US’ credit rating at AAA and given the country a stable outlook. Earlier this month, Standard and Poor’s cut the US rating from AAA to AA+, citing concerns the nation’s new fiscal consolidation plan will fail to stabilise the government’s debt dynamics over the medium term. In its latest review […]

Halifax pulls equity-release alternative home scheme

Halifax has withdrawn its retirement home plan which was marketed as an alternative to equity release and aimed at people over 65. An equity-release balance increases over time while the retirement home plan stayed at the same balance, with only interest payments having to be met each month. The maximum amount that can be raised […]

Where next for the price of oil?

Having stabilised at around $65 a barrel, many investors are questioning if the price of oil will rise, and when. Richard Hulf provides his view. Richard Hulf, manager of the Artemis Global Energy Fund, sets out his thoughts about how the oil price may move through the next six months. At the start of the […]


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