Monica Malik Instagram – In the recent budget announcement, many changes were introduced, one of which was the reduction in the long-term capital gains tax on property.
Previously, we had to pay a 20% long-term capital gains tax on property, which has now been reduced to 12.5%.
While this sounds good, it isnāt because this budget has taken away the benefit of indexation. Indexation means adjusting the money for inflation.
The advantage of this was that our capital gain was calculated on the amount after accounting for inflation, allowing us to save a lot on taxes. Unfortunately, we will no longer be able to benefit from this.
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#property #house #home #properties #propertymanagement #homesweethome #houses #tax #save #indexation #reelsvideo #prettymuchfinance | Posted on 29/Jul/2024 12:46:05
