Allied Surveyors & Valuers has called for George Osborne to reform what is sees as “outdated and unfair” Capital Gains Tax (CGT).
Robert Bryant-Pearson, CEO of Allied Surveyors and Valuers, is urging the Chancellor to change and simplify CGT as it currently impacts on property investors.
He argues it impacts on many investors with long held assets and that CGT remains a tax on ‘old inflation’.
he said: “”he size and transfer costs of property assets mean that investors in this asset class are unfairly prejudiced because they do not have the luxury of other asset classes where inexpensive portfolio churning is possible to use CGT annual exemptions (currently £10,600 per person).
“George Osborne should use his budget to seize the opportunity to reset the Base Date for the valuation of long held assets to March 2003 but with a rolling 10 year March Base Date.
“Taking out the ‘old inflation’ would be the first step in simplifying CGT. It is crazy to still be harking back to 1982 for comparable information to assess tax liability on the gain from assets held for 31 years or more.”