Inquiry into Angela Rayner's capital gains tax investigation comes to a close with no findings of wrongdoing by the police or HMRC.
In a recent turn of events, the investigation launched by the Greater Manchester Police (GMP) and Her Majesty's Revenue and Customs (HMRC) against Labour's Deputy Leader, Angela Rayner, regarding the sale of her council house in 2015, has been dropped.
The inquiry was initiated following claims made by the Conservative Party that Ms Rayner failed to pay the correct stamp duty on the property purchase, owing to her ownership of multiple properties. The Party asserted that she should have paid approximately £67,500, but instead, paid around £30,000, claiming it was now her only property.
However, Ms Rayner has maintained her innocence, stating that she abided by all tax obligations and that no capital gains tax was owed. She also accused the Conservative Party of using a "PR stunt" to distract from their record.
The sale of the house resulted in a profit of £44,500. If the full taxable amount, estimated at £12,140 after accounting for the tax-exempt £11,000, was liable for taxation, it could have resulted in a potential tax liability of £3,500.
The kitchen renovation carried out on the property may have played a significant role in offsetting some of the capital gain, potentially reducing the tax liability. If the kitchen renovation costs were £12,140 or more, it could have qualified as "enhancement expenditure", allowing Ms Rayner to offset the costs and potentially avoid paying capital gains tax.
Sir Keir Starmer has since stated that Ms Rayner has been vindicated following the drop of the probe. Ms Rayner has also accused the Conservative Party of wasting police time with the investigation.
HMRC has also cleared Ms Rayner of unpaid tax, further supporting her claims of innocence. The reasons for the investigation drop were not provided by either HMRC or the police.
This development comes as a relief for Ms Rayner, who has been a vocal critic of the Conservative Party and their policies. The party's continued attempts to question her financial dealings have been met with criticism and accusations of political motivated attacks.
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