David Jetuah, Accountancy Age, Monday 7 June 2010 at 09:56:00

Over 65's likely to be spared government raid on business assets, which wantsgains made on holdings such as second homes to be taxed closer to 40% than 18%

David Cameron has been forced to water down capital gains tax proposals toensure the elderly are not caught out by the moves.

It is believed that those over-65's are to be spared the increase in CGT fornon-business assets, such as second homes.

The Chancellor George Osborne may announce the exemptions in the emergencybudget, theDailyTelegraph reported.

The coalition government announced a raid on non-business assets, whichcalled for gains to be taxed at a rate closer to 40% instead of 18%.

The plans were heavily criticised by politicians and business groups.

Further reading:

Cleggsignals backtracking on CGT

CGTreform comes under Redwood attack

Coalitionwill see CGT hike on the cards