Emergency Budget: Capital Gains Tax to rise

A question about : Emergency Budget: Capital Gains Tax to rise

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Emergency Budget: Capital Gains Tax to rise

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• How will CGT be calculated now on large gains? For example, I am a non-taxpayer with negligible income, living off savings. If I sell a second home which has never been a PPR and make a gain of Ј100,000, for example, will the magnitude of the gain take me into the 28% bracket?
• The thread title is misleading. It is only rising to 28% for higher rate earners. It is not changing for basic rate tax payers, plus the annual exemption allowance is not changing, something that the Lib/Dems were desperate for
• But I thought if you made a really large gain, then that can be added to your income for the purposes of deciding the CGT rate?
• I am in the process of selling my second home. It used to be my primary residence but I haven't lived there for the past 8 years. It has been rented out for most of that time and is on a buy to let mortgage.
  I agreed the sale price for the property last week in writing. Can anyone tell me if I pay the capital gains tax at the point I agreed the price or when I complete? i.e. when I agreed the price in writing last week at 18% or this week at 28%!
  Thanks in advance.
• Exchange of contracts.
  Also search this part of the forum for "letting allowance" and "last three years" for additional relief against CGT.
• ....... p.s.
  I'm angry. I did the right thing and saved for my old age when the government decimated pensions.
• Don't forget you have Ј10,100 each year that is exempt, so a modest portfolio held for 5+ yrs will have a lot of protected profits
• I was becoming increasingly edgy because there was a failure to reassure long term savers. Now I know why.
  There may be an issue with back benchers. As it happens I'm friendly with my MP who is now front bench and sitting there today (no clues but two away .....) - and I've sent him a note. Also to John Redwood who has been active on this topic.
• Only the Tories could tax inflation as if it was gain.
  Fortunately, I don't have any gains to tax unless I sell my BTL and I have no plans to do so in the next 5 years. After that we'll have a different government and the rules will probably change again.
  GG