I wonder whether we’ll hear the usual squeals over this:
Gordon Brown gave his £700,000 flat in central London to his wife Sarah
weeks before he moved into 10 Downing Street, The Daily Telegraph can
disclose.
The Prime Minister’s wife then cashed in on recent
soaring property prices by taking out a special type of mortgage
against the value of the flat with a private bank.
Downing Street sources said that there were no tax implications from
the transaction and insisted that Mrs Brown had borrowed against the
flat to give her more financial independence.
There are possible tax implications in two ways: if it’s rented out then tax on that will be lower and if it is sold there will be no CGT.
But that’s fine: it is everyone’s right to organise their affairs as they see fit, most especially if it reduces their tax bill. But it is everyone’s.
Yes, private equity bastards as well as Prime Ministers.
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