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We have all come up with something that seemed a good idea during an evening spent in the pub putting the world to rights. Generally, in the cold light of day, we realise that there might be some tiny practical flaws in what originally had seemed a good idea. George Osborn’s proposal to collect capital gains tax on residential property sales within 30 days of completion has all the hallmarks of such an evening.
We have all come up with something that seemed a good idea during an evening spent in the pub putting the world to rights. Generally in the cold light of day we realise that there might be some tiny practical flaws in what originally had seemed a good idea. George Osborn’s proposal to collect capital gains tax on residential property sales within 30 days of completion has all the hallmarks of such an evening.
Superficially one can see the attraction. Capital gains tax is normally collected anything up to 22 months after a property sale and there is some merit in grabbing the tax before it is spent elsewhere – and ideally while it is in the hands of the solicitor who is a bit more open-minded about paying it than the vendor might be a couple of years later. In most cases (let’s say 95%) residential property...
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