Everyone knew it would happen, the newly elected British government would have to make some drastic, unpopular changes. And they've decided to hit the wealthy - hard, the Brits are preparing to offload second homes and shares in a bid to escape a capital gains tax. There are an estimated 250,000 second-home owners in the UK, not a whole lot when you think of the entire population - 61 million. One estate agent said he has had a 40% increase in valuation inquiries over the past 10 days.
The Treasury is desperately looking for other ways to soften the impact of the tax. The Coalition document says that it will only target "non-business assets". But a Tory supporter said "If you have one holiday home, that isn't a business asset but what if you have three and get rental income? Or you have one, and then a relative leaves you another. These are the questions that must be sorted out.
We are indeed living in uncertain times.
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