Treasury adds last-minute ‘stealth tax’ on buy-to-lets
The Law Society (England and Wales) has sharply criticised HM Treasury for adding significant new clauses to the Finance Bill 2016 at the report stage without any consultation. It says clauses 75-78 regarding the taxation of buy-to-let properties, will result in some profits from the sale of an investment property becoming liable for income tax rather than capital gains tax as is the case at present. Chief Executive Catherine Dixon described the amendments as ‘legislation by stealth’.
The Law Society’s comments may be found at – http://bit.ly/2bkgvkx