Jump to content
House Price Crash Forum
Sign in to follow this  
juvenal

'major Exemptions' To Cgt Rise Says Duncan Smith

Recommended Posts

And a group of 12 business and economy experts urged the government to reconsider, calling the capital gains tax rise a "damaging mistake" and a "tax on growth, enterprise and jobs.

It's funny how they're vociferous on this point when the taxation of windfall gains on BTLs is being considered, but in general they're very happy with taxes on "growth, enterprise and jobs"

V. strange.

Share this post


Link to post
Share on other sites

Now unions and labour groups need to insist that taxes on wages also need to be specially adjusted so they wont hurt families or entrepreneurs or even single people

The only way they will tax themselves is if WE refuse to be taxed instead

nah, income tax doesn't harm families. or hard working-people.

Edited by the flying pig

Share this post


Link to post
Share on other sites

"we don't want to harm families that are heading towards retirement who have actually saved."

I may be seeing too much into these words, but I wonder if the subtext might be that they are about to means test state pensions, so having retirees with savings would be a good thing for the government?

Edited by cartimandua51

Share this post


Link to post
Share on other sites

"we don't want to harm families that are heading towards retirement who have actually saved."

Approximately when did capital gains on real estate become savings?

assume i have missed a few meetings

Share this post


Link to post
Share on other sites

Approximately when did capital gains on real estate become savings?

assume i have missed a few meetings

Does it matter? I've seen a fair number of charts comparing the long-term returns on investing in shares, property or cash deposits (usually showing shares as the best return; though of course it depends which particular 20 or 30 year period you chose). the key thing is that people have access to cash if they choose to realise their investments, so they don't need State support.

Share this post


Link to post
Share on other sites

Does it matter? I've seen a fair number of charts comparing the long-term returns on investing in shares, property or cash deposits (usually showing shares as the best return; though of course it depends which particular 20 or 30 year period you chose). the key thing is that people have access to cash if they choose to realise their investments, so they don't need State support.

I suppose it doesn't really matter - and if somebody won the national lottery they could call that saving as well if they want. I'm not one to be pedantic.

Edited by Stars

Share this post


Link to post
Share on other sites

Second houses and BTL became savings about ten seconds after it was first mentioned that capital gains tax could apply to unearned income (capital appreciation) such as second houses and BTL.

Torygraphs campaign to attack the CG tax rise. already attacking Laws's replacement

http://www.telegraph.co.uk/news/newstopics/mps-expenses/liberal-democrat-mps-expenses/7787519/Danny-Alexander-new-Treasury-chief-avoided-capital-gains-tax-on-house.html

It contains this gem

The Daily Telegraph is running a campaign calling on the Government to protect the savings of small investors and ordinary second-home owners from any rise in CGT.

Yeah, becuase owning two homes is perfectly ordinary.

Lets hope the Lib Dems keep their nerve..

But Lib Dem energy and climate change secretary Chris Huhne has warned against concessions on raising the tax.

In an interview with the Sunday Times, he said critics of the tax did not show "an awareness of the constraints that we're facing and the sense of competing priorities".

Edited by Peter Hun

Share this post


Link to post
Share on other sites

http://news.bbc.co.uk/1/hi/uk_politics/8713377.stm

Won't 'harm families or entrepreneurs'...

What's all this then?

Didn't say second home owners. I suspect there will be an indexation allowance of some sort, which will still really hurt the property flippers but the BTL landlords will be less hurt. The really long term ones may actually gain from it.

Share this post


Link to post
Share on other sites

It is hard to take these jokers seriously

The people of the UK are told that this is the worst economic crisis since the second world war where everyone is going to have work longer, pay more taxes, retire later and receive less social protection. This is all intended to help balance the financial budget and to reassure the financial markets that this nation will pay down the mountain of debt it owes. Yet the moment one of the policies looks like it might effect Tory voters with second homes or a nice BTL portfolio then the government has an attack of the vapours and starts back tracking furiously. God knows how they will cope if things get really tough.

The financial markets will be wondering whether this government is really serious about addressing the UKs long term problems or simply has its head stuck up its own ****.

We wont have to wait long to find out that answer

Share this post


Link to post
Share on other sites

The exemption for 2nd properties and BTL's could be that properties bought for pensions during the period 2008 to today (i.e when the tax was reduced) will only be subject to 18% tax. Properties bought before 2008 and after today will be subjected to the full 40%, now who can complain about that?

Share this post


Link to post
Share on other sites

got to love the phrase 'families heading towards retirement' now at which point do families become individuals again and 'hard working families' become retired couples. Heaven help us the Government is sounding like Nu labour all over again. My BP rises when I hear about these 'hard working ordinary families' who have saved for their future retirement by pricing out a whole generation through their property speculation. . Have they no conscience. :(

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 261 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.