C.G.T.

[kanrent]

"The chancellor said the higher rate of the tax, which applies to capital gains on most assets, will fall to 20 per cent, from 28 per cent now, while the basic rate falling to 10 per cent, from 18 per cent before. 

But the move won't help landlords, after Osborne said capital gains on residential property and carried interest will be subjected to an eight percentage point surcharge - essentially leaving them at the original rate.can anyone"                                                                                                                                                                                                                                                                                                                                                         can anyone explain this to me do landlord's only loose out in this way if they have a mortgage,

im thinking of selling one of my property's that has no mortgage will i only pay 10% ?

[Richlist]

No. CGT rates are to remain at 18% & 28% on residential property.

Wether or not you have a mortgage has no bearing on the amount of CGT you pay.

Broadly speaking CGT is levied on capital gains after allowances i.e. sale price, less purchase price, less buying & selling costs, less allowable capital expenditure, less personal annual CGT allowance = taxable capital gain. That taxable capital gain is added to any other income and taxed at either 18% or 28% depending on wether it puts you into the basic rate or higher rate tax band.