CGT change may hit second homeowners

Under the new capital gains tax regime they could end up paying two or three times more tax when they sell their property.Many will have bought a second home to help boost their income in retirement as an alternative to building up their pension pot.

Liz Phillips, Daily Mail - 6 February 200

On the face of it, the new single CGT rate of 18% looks like good news. But two vital allowances which bring down the tax bill are being abolished. The first, called indexation, allowed you to take inflation into account up to 1998 and the second, known as taper relief, reduces the bill depending on how long you have owned the property - full article See Also: http://www.landlordzone.co.uk/tax/capital-gains-tax.htm