But-to-let tax amendments ‘slipped in’ by stealth claim
The Law Society has claimed that major changes to the Finance Bill have been “slipped in” at committee stage, avoiding proper consultation and scrutiny. The referred to changes mean that property investors would pay income tax rather than Capital Gains Tax on profits when they sell. Such changes could have huge impacts on investors as Capital Gains Tax was cut in the in the 2016 Budget to 20% for higher rate taxpayers and 10% for basic rate payers. In contrast, Income Tax is currently charged at 20% basic rate, 40% higher rate and 45% additional rate.
The chief executive of the Law Society, Catherine Dixon, commented that by implementing such changes the Government is denying the public the chance to consider an comment on the proposals.
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