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Article: City: Special Report - Year-end tax planning: Property opens doors to relief from CGT YOU SHOULD PUT YOUR AFFAIRS IN ORDER WELL BEFORE BUDGET DAY Doug Morrison shows how reinvesting capital gains in special companies can keep the taxman at bay almost indefinitely
- Article from:
- The Sunday Telegraph London
- Article date:
- March 8, 1998
- Author:
CopyrightCopyright 1998 The Sunday Telegraph London. Provided by ProQuest LLC. (Hide copyright information)
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Budget day is looming and the rush is on for wealthy people
desperate to shelter huge capital gains. Property development is
being dangled before them as a means of beating the taxman before
the government introduces its widely-expected fiscal reforms.
Property dominates the clutch of so-called reinvestment relief
companies which allow investors to side-step tax liabilities by
reinvesting their capital gains in specific areas.
The fear is that, post-Budget, property will be withdrawn as a
qualifying trade, which helps explain why Enterprise Group and
Jones Lang Wootton, one of Britain's leading estate agents, will
attempt to raise - in one week - up to pounds 50m for a new
development fund. ...