Britons are rushing to sell their holiday homes in Cornwall and Norfolk ahead of an expected rise in capital gains tax, according to Britain’s biggest property website.
Data from Rightmove shows that there has been a surge in larger properties being put up for sale in the south west and east of England, both of which are popular locations for holiday homes.
Unlike a principal home, second homes are subject to capital gains tax (CGT), which is currently levied at 24 per cent for higher and top-rate taxpayers.
In recent weeks, there has been intense speculation that the new Labour government intends to align CGT rates with income tax in the budget, which would raise the rate to 40 or 45 per cent for top