23rd June 2010
Estate agent John German has welcomed the lower than expected rise in Capital Gains Tax, announced in Chancellor George Osborne’s “Emergency Budget.”
Mr Osborne has raised CGT to 28 per cent for higher rate tax payers, which was less than anticipated, and imposed no increase at all for lower and medium rate tax payers, prompting James Morgan, senior partner of John German, to say: “I hope that this will help the return of the buy-to-let market, which has been suffering for about two years.
“Potential investors will purchase property if they are confident that the market will not fall in the future.”
Mr Morgan’s comments echo the opinion of the Royal Institution of Chartered Surveyors, which prior to the budget warned that a significant rise in CGT would threaten the supply of development land and deter new investors from entering the private rented sector. This risk will be tempered by the lower than expected increase.
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