Finance and Taxation Reform

Capital Gains Tax debate in Parliament

Sally Walmsley
Written by Sally Walmsley

The committee stage of the Finance Bill – which will include a debate on the reduction to Capital Gains Tax will take place in the Commons later this month.

All MPs will have the chance to consider and debate Clause 72 of the Bill – which reduced the Capital Gains Tax rate to 20% – on June 27 and 28,  a move which excluded residential property.

The RLA is campaigning for an amendment to Clause 72, extending the 20% CGT rate to landlords who are selling their property to a first time buyer.

Landlords are now being asked to lobby their MPs in the issue to strengthen the RLA’s case.

RLA chairman Alan Ward said: “This exemption is unfair, and further proof that George Osborne is no friend of the residential landlord.

“Why are we being treated differently from other businesses on CGT? I want members to throw their weight behind our campaigning and lobby their MP on this issue. Together we really can make a difference.”

Clause 117 of the Bill implements the new Stamp Duty levy for the purchase of additional dwellings and homes to rent out. This section will be considered by a Public Bill Committee, still to be named, and for which a date has yet to be set.

About the author

Sally Walmsley

Sally Walmsley

Sally Walmsley is the Magazine and Digital Editor for the NRLA. With 20 years’ experience writing for regional and national newspapers and magazines she is responsible for editing our members' magazine 'Property', producing our articles for our news site, the weekly and monthly bulletins and editorial content for our media partners.

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