David Cameron has been forced to water down capital gains tax proposals to
ensure the elderly are not caught out by the moves.
It is believed that those over-65’s are to be spared the increase in CGT for
non-business assets, such as second homes.
The Chancellor George Osborne may announce the exemptions in the emergency
budget, the
Daily
Telegraph reported.
The coalition government announced a raid on non-business assets, which
called for gains to be taxed at a rate closer to 40% instead of 18%.
The plans were heavily criticised by politicians and business groups.
Further reading:
Clegg
signals backtracking on CGT