Capital gains tax (CGT) is set to rise on so called 'non-business' assets under the new coalition Government to help reduce income tax for low earners.
Details are now starting to emerge of the policy negotiations the Conservative/Liberal Coalition agreed on to form a historic new Government last night. These include a substantial increase in the capital gains tax (CGT) paid on so-called "non business" assets such as second homes and shares, in order to cut income tax for lower paid workers on the first £10,000 of earnings. From April 2011, there will be a "substantial increase" in the tax-free allowance for earnings. At the same time, CGT could rise from 18% to 40% or even 50% on the sale of some assets. Other tax swaps include t...
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