Send us news by text, start your message Knutsford News and your send photos and videos to 80360
Osborne house sale made profit of £400,000
KNUTSFORD’S MP has defended himself after it emerged he sold his house on the outskirts of his constituency for a £400,000 profit.
It was revealed by a national newspaper this week that George Osborne, Tatton MP, sold the property in Rainow, near Macclesfield, in January this year.
The Chancellor bought the second home for £445,000 a year before he was elected MP for Tatton in 2001.
A source told the Daily Mirror that he had sold the property for an estimated £800,000 to £900,000 without the property going on the market.
A spokesman for the Chancellor told the Guardian: “The property was bought before George became an MP, and any gain is subject to Capital Gains Tax.
“He now rents a family home in the area, and he makes no accommodation-related expense claims and has not done so since the election.”
He added that Capital Gains was increased in the first year of this Government by Mr Osborne.
However, Mr Osborne stopped claiming any second home expenses in 2010 after a new Commons allowances regime was introduced.
The farmhouse featured in The Daily Telegraph’s expose of MPs’ expenses in 2009 when it emerged that Mr Osborne had ‘flipped’ his second home allowance onto the property and increased the mortgage.
At the time Tatton Labour Party demanded the then Shadow Chancellor repay the money, and set up a petition.