Act now to beat capital gains tax hike

A FIRM of Rotherham solicitors has urged property investors to move quickly before the new Coalition Government raises Capital Gains Tax.

The emergency summer budget is expected to bring a rate increase, meaning non-business assets will be taxed at up to 50 per cent for top earners.

Oxley & Coward Solicitors, based on Moorgate Street, has recommended owners of second homes and investors to act soon if they plan to sell this year.

Commercial property partner Anthony Ogley said: “Taking a hit and paying CGT now may well be the best move for many people.

“If you want to take action to limit the effect of what is predicted to be a massive rise in CGT rates, you must act immediately.

“It is important to complete the arrangements before the budget because, even if the increase does not take effect until April 6, 2011, the budget could well introduce anti-avoidance measures to prevent actions such as selling assets to a trust between the budget and the end of this tax year.”