Chancellor George Osbourne has set the date for new government’s emergency budget as June 22, 2010.

Property investors should expect new guidelines and rates for capital gains tax on buy to lets, furnished holiday lets and second homes.

The tax status of holiday lets may also change.

Capital gains tax is set to double on second homes and personal ‘non-business’ assets from 18% to nearer 40% when the Con-Dems announce their first Budget around the end of June.

Under current tax rules, this means CGT on buy to let investment property will go up in line with the top rate.

Tax on business assets – currently including furnished holiday lets – will benefit from reduced CGT through entrepreneur’s relief.

The plan to increase the inheritance tax threshold to £1 million is dropped, but the Lib-Dems have agreed to abstain from any vote in this Parliament for any Tory proposals to bring in tax relief for married couples.

Both sides have set ‘within 50 days’ as the date for the next Budget.

Budget 2010 Top points for landlords and property investors:

• Capital gains tax (CGT) - No change – remains at 18% of taxable gain for all taxpayers

• Entrepreneurs Relief - Lifetime allowance doubled to £2m – rate remains at 10%. This special CGT rate applies to furnished holiday lettings

• Inheritance tax (IHT) - No change – individual nil-rate band frozen at £325,000 and tax rate remains 40%

• Capital allowances – Temporary first year allowance cut. Annual Investment Allowance doubles to £100,000. Affects all letting property

• Stamp Duty Land Tax - 2 year exemption for first time buyers on property up to £250,000

Download full details from HM Treasury