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 the United States From 1913 to 1921, capital gains were taxed at ordinary rates, initially up to a maximum rate of 7%. The Revenue Act of 1921 allowed a tax rate of 12.5% gain for assets held at least two years. From 1934 to 1941, taxpayers could exclude from taxation up to 70% of gains on assets held 1, 2, 5, and 10 years. Beginning in 1942, taxpayers could exclude 50% of capital gains on assets held at least six months or elect a 25% alternative tax rate if their ordinary tax rate exceeded 50%. From 1954 to 1967, the maximum capital gains