Tax rise will help revive the market
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.”