(From The Observer)
Byline: CONAL WALSH
MINISTERS may close a loophole that allows companies and individuals to hold British land offshore and so avoid paying Capital Gains Tax (CGT) when they sell it.
The Government is considering replacing CGT with a flat-rate 'land tax' of up to 10 per cent of the total value of a property sale.
News of the Government's proposal, which would apply only to sales of property that is used for commercial purposes, comes just weeks after it was revealed that the Inland Revenue had sold its property portfolio to Mapeley Steps, a company based in a tax haven.
It is thought that a land tax could raise …