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Realistbear

C G T Rises Will Hurt The Poor Workers

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http://uk.finance.yahoo.com/news/capital-gains-tax-working-class-savers-hit-tele-db5f8bc52f2c.html?x=0

Capital Gains Tax:
'working class' savers hit
Harry "Woh-LUP" Wallop, 13:24, Tuesday 1 June 2010
Savers on
modest incomes,
including
supermarket workers
, would be unfairly punished by planned changes to capital gains tax, official figures have disclosed.
Millions of
blue-collar workers
who pay into shares schemes would be forced to pay substantial sums to the HM Revenue & Customs, after diligently saving for many years.
They would include
shop-floor workers
at Asda (NYSE: WMT - news) ,
lorry drivers
for Tesco (LSE: TSCO.L - news) and door-to-door salesman at the Prudential.
These are just some of the near
2 million workers
who are members of a company Save As You Earn scheme, a very popular savings system which has been running since 1980.
Figures disclosed by Ian Pearson, the former Treasury Minister, have revealed for the first time how many of these investors are on very
modest incomes.
He recently told the House of Commons that one third of all members of a Save As You Earn share scheme earned less than £21,000, lower than the national average wage.
"There are many very ordinary working class people, including
Tesco check out girls
, who have saved for many years, and could end up paying capital gains tax. Is that fair? I'm not sure it is," said Mike Warburton, leading tax expert at Grant Thornton, the accountancy firm.

Sniff sniff. What's that smell I wonder. I think I smell a BTL rat and it might even be a second homeowner rat-- sniff sniff. Cor what a pen and ink.

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http://uk.finance.yahoo.com/news/capital-gains-tax-working-class-savers-hit-tele-db5f8bc52f2c.html?x=0

Capital Gains Tax:
'working class' savers hit
Harry "Woh-LUP" Wallop, 13:24, Tuesday 1 June 2010
Savers on
modest incomes,
including
supermarket workers
, would be unfairly punished by planned changes to capital gains tax, official figures have disclosed.
Millions of
blue-collar workers
who pay into shares schemes would be forced to pay substantial sums to the HM Revenue & Customs, after diligently saving for many years.
They would include
shop-floor workers
at Asda (NYSE: WMT - news) ,
lorry drivers
for Tesco (LSE: TSCO.L - news) and door-to-door salesman at the Prudential.
These are just some of the near
2 million workers
who are members of a company Save As You Earn scheme, a very popular savings system which has been running since 1980.
Figures disclosed by Ian Pearson, the former Treasury Minister, have revealed for the first time how many of these investors are on very
modest incomes.
He recently told the House of Commons that one third of all members of a Save As You Earn share scheme earned less than £21,000, lower than the national average wage.
"There are many very ordinary working class people, including
Tesco check out girls
, who have saved for many years, and could end up paying capital gains tax. Is that fair? I'm not sure it is," said Mike Warburton, leading tax expert at Grant Thornton, the accountancy firm.

Sniff sniff. What's that smell I wonder. I think I smell a BTL rat and it might even be a second homeowner rat-- sniff sniff. Cor what a pen and ink.

if they keep the £10k exemption then the SAYE members not affected. You can only save £250 per month so the numbers are not huge with this.

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CGT needs to be used to rape and pillage 2nd home owners and BTL scum as IMHO a house is a basic human right and shouldn't be investment class matieral.

Shares on the otherhand are purely for investment, so I think they should attract a lower rate.

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CGT needs to be used to rape and pillage 2nd home owners and BTL scum as IMHO a house is a basic human right and shouldn't be investment class matieral.

Shares on the otherhand are purely for investment, so I think they should attract a lower rate.

Ah yes but you missed the point in the OP--raising taxes against the multiple home owners will hurt the low paid workers just as much so we shouldn't tax anyone. After all, haven't we all become rich as our houses have soared in value?

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... as IMHO a house is a basic human right

But, and I don't mean to be rude (it's just a simple, undeniable fact) your opinion about housing being a basic human right doesn't mean a damn thing - and nor has anyone else's since the dawn of time.

Once upon a time everyone had the basic human right to build a house anywhere they fancied - and everyone else had the basic human right to come along and take if off them, burn it to the ground, rape and pillage or generally do whatever they fancied.

Then men joined together and created 'THE LAW' and, ever since then, powerful men have relieved weaker men of the basic human right to build a house.

What I'd like to see someone do is buy a bit of land, build a house on it without planning permission (having applied and been refused - at appeal etc.) and then take the case to the European Court of Human Rights to argue that if other people have land with houses on it, they too should have a right to build a shelter on their land - free of interference from the state.

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Guest sillybear2

Most "normal" small savers are in cash, and they have to pay tax on their interest at the same rate as their income, they can't pull any of this unearned income shit like they do with CGT. I'm betting that Tesco lorry driver doesn't see £2500 of taxable capital gain each year, let alone £10k.

Have the Telegraph given Danny Alexander a medal for avoiding CGT, because that's exactly what they approve of, rewarding "ordinary" and "hard working" second homeowners like MP's.

Whilst we're on this subject of eternally suffering "ordinary second homeowners" why do they still enjoy up to 50% discounts on council tax, unlike unordinary non-hard working single home owners or abnormal renters?

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Guest sillybear2

Ah yes but you missed the point in the OP--raising taxes against the multiple home owners will hurt the low paid workers just as much so we shouldn't tax anyone. After all, haven't we all become rich as our houses have soared in value?

Good point, I think we should start a campaign to abolish VAT on Rolls Royces because the tax also affects poor people when they purchase bog roll, so it's clearly a highly regressive tax. If we didn't tax "ordinary Rolls Royce owners" then poor people would get cheaper loo roll too, or something like that.

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All this concern for the working downtrodden is quite touching

Funny then, that all uk governments of all political stripes + controling vested interests have consistently taxed and rent gouged the sh1ting henry out of people in this group.

Edited by Stars

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  • 153 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%



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