Attention landlords

At present you must hold a residential property (that isn’t your main home) for at least two years to avoid paying income tax on any capital gain. Labour has firmly stated they intend to increase this period to five years and also because its just tweaking legislation already there it will be sooner rather than later. The good news is they are not planning on making the legislation retrospective so it will only apply to properties purchased after the law is changed  The Government also plans to abolish the tax benefits of negative gearing but has provided no specifics yet. One scenario is to only allow rental property losses to be offset against rental property profits. Also, we don't know yet whether the law change will apply to residential rental only, or whether it will include commercial property 

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