View Poll Results: Should there be a Capital Gains Tax on Property
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No
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Yes
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Goff is just an idiot
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Epic fail for Labour
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Originally Posted by blackcap
If that scenario eventuated then everyone would become a "trader" Ie sell family home, make it you are in the business of buying and selling property and hey presto you can claim all sorts of things. So they would have to credit losses or else there is another thriving industry. CGT is a huge mess either way.
No, it would just mean that the proceeds of the sale of some specified types of assets would be taxable on any gain made on cost or book value, after certain allowances.
As to who defines the asset types affected, who defines which allowances, who defines "cost", that's a different story.
Nothing to do with "trading" at all.
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