BUDGET: Unexpected CGT rate cut, but not on property
The capital gains tax (CGT) rate for higher-rate taxpayers is being cut from 28 to 20 per cent next month. The Chancellor confirmed, however, that residential property investments in England, Wales and Northern Ireland would be subject to the higher rates of stamp duty land tax (SDLT) which entails a 3 per cent ‘additional property’ stamp duty surcharge even if the properties are part of a significant property portfolio
