Government planning CGT ‘tax grab’ on buy-to-let property investors, experts warn

The UK Treasury has launched a “review” of the capital gains tax system to "ensure the system is fit for purpose", the BBC reports.

Some experts are warning of "a tax grab" in the autumn to pay towards the multi-billion-pound cost of Coronavirus measures, such as the furlough scheme.

The Chancellor, Rishi, Sunak asked the Office of Tax Simplification to investigate how capital gains are taxed for both individuals and smaller businesses.

"This review should identify opportunities relating to administrative and technical issues as well as areas where the present rules can distort behaviour or do not meet their policy intent," the chancellor said.

"I would be interested in any proposals from the OTS on the regime of allowances, exemptions, reliefs and the treatment of losses within CGT, and the interactions of how gains are taxed compared to other types of income." Source: BBC.

CGT is a tax on profits, which hits business owners, as well as millions of share and property investors.

Investment in buy-to-let properties can still be profitable when done professionally. However, there are still many other opportunities to make money in property without the need for buy-to-let mortgages, large deposits or high rates of tax.

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