Hazel Blears Blears had been claiming MPs' second home expenses relating to the flat. She had made a £45,000 profit on its sale without paying capital gains tax. On 12 May she volunteered to pay the £13,332 capital gains tax she had avoided on the sale of her second home. It was subsequently claimed that Gordon Brown had ordered her to repay the sum. In Salford she was met by a number of angry protesters and stayed in a local hotel rather than at home. Following an investigation by Sir Thomas Legg, Blears was told to repay £225 in expenses in relation
Capital gains tax in Australia reduced cost base). It is called tax deferred because the investor pays no tax on the amount immediately, but will pay capital gains tax on it when they later sell the units, because it has lowered their cost basis. Tax deferred amounts generally arise from building allowances, the same as for direct property ownership (see above). At its simplest it works as follows. Suppose a trust earns rental income of $100 and has building allowance deductions of $20. Then the net taxable income is $80 and that amount is distributed to unitholders to be included in their income. The remaining