Tax rise will help re­vive the mar­ket

Yorkshire Post - Property - - PROPERTY -

Not many in the prop­erty world have come out in favour of the pro­posed rise in cap­i­tal gains tax from a flat 18 per cent to 40 per cent for higher rate tax pay­ers next April.

But home­find­ing com­pany County Home­search says it will pro­vide a shot in the arm for the prop­erty mar­ket, as sec­ond home own­ers sell up.

Jonathan Haward, chair­man of County Home­search, says: “We are in sup­port of this pro­posed tax in­crease for sev­eral rea­sons, but we would ap­peal for an amnesty pe­riod of 12 months be­fore its in­tro­duc­tion, to al­low sec­ond home own­ers to put their prop­er­ties on the mar­ket.

“This will have two clear con­se­quences. It will help make the mar­ket more liq­uid at a time when prop­erty sales have shrunk from 1.2 mil­lion in 2007 to around 600,000 to­day.

“It will also free up prop­er­ties for lo­cal peo­ple in places like Corn­wall, Devon, Wales and the Cotswolds, where ab­sen­tee own­ers con­trib­ute to the clo­sure of schools, pubs and busi­nesses.”

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