2010 Emergency Budget. Great, Awesome, Fantastic News for Property Investors!
Brett Alegre-WoodChairman, YPC Group
Hey guys,
What could have turned out to be a potential king-hit for buy-to-let investing has turned out to be awesome news. The CGT did exactly what we thought, middle ground at 28% without indexation or taper relief. Although for smaller capital gains it will mean the basic 18% CGT stays.
The VAT rise to 20% means that it's a broad based consumption tax affecting everyone, rather than hitting segments of the economy such as property investors (phew!!). Obviously then this means that the more your consume the more the tax rise will affect you.
Best of all the Budget opens the way for interest rates to remain lower for longer meaning that as property investors we will benefit so that any tax increases will be offset by the additional money we are saving on the low interest rates.
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So overall - it's an awesome save (to use a football analogy) on the part of the government. The ratings agencies are happy too which means we have the room to repay the debt and lower the deficit.
The team will be briefed this morning so will be 100% after lunch but for now ladies and gentleman you can go and buy a bottle of cider (the extra tax was abolished) to celebrate (not quite the champagne yet) but I believe that within 5 years the government will have turned things around just in time to claim victory for the next election in 2015.
OK that might be a bit premature but after reading the 121 pages of the report that is exactly their thinking.
Live with passion,
Brett Alegre-Wood
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