LibDem leader Nick Clegg says Chancellor Alastair Darling should resign. It appears that Darling "flipped" his second home designation no fewer than four times in order to minimise his capital gains liability.
Some coincidence, then that there's a piece in today's Sunday Times Greed, sorry, Money Section, outlining how Joe Average can reduce his capital gains tax bill. The main wheeze: flip your second home designation. The article breezily assures Mr Average that he can do this as often as he wants, and the requirements for actually living in the properties thus flipped are not exactly onerous.
If anyone can do this, it's a bit unfair for Clegg to pick on poor old Alastair, especially as it seems as if he may be out of a job as soon as Friday. But wouldn't it make sense to tighten up the capital gains rules on second homes anyway? It looks like yet another way that the current rules favour wealthier homebuyers over those just starting out.
No comments:
Post a Comment