The Support Capital Gains Tax Thread!

[Pauly_Boy]

Afternoon all

There have been various threads about CGT, but as each day goes by, the media and the VI's seem to be gaining the upper hand, we can't let this happen. We need everyone to e-mail their local MP in support of CGT. I have e-mailed the following addresses one by one (so it doesn't look like I'm spamming) ....

info@vincentcable.org.uk;

cleggn@parliament.uk;

cablev@parliament.uk;

ministers@hm-treasury.gov.uk;

+ my local MP

I've sent the letter below, but please write something to your MP and the addresses above. If you can't be bothered to write something long/contructive, just sent an e-mail saying 'I suppourt the libdem policy on CGT'. We can't allow these VI's to profit at our expense!

Afternoon

I'm an avid supporter of the 'con-lib' coalition, even though I voted Tory I'm pleased to see the policies that I like from both sides being proposed, one of these is the CGT and the £10k tax level.

The main point of this letter/e-mail is to express my support for an increase in Capital Gains Tax, specifically on 2nd homes and buy to let.

When so many people can't afford even the smallest of flats and the average first time buyer is now 37 years old, I find it awful that people should be able to own more than 2 houses and their profits bearly touched. Housing should be a basic human right, not an investment vehicle for the rich.

It's a horrid thought that people are complaining about paying tax on unwarranted profits, what have they done to warrent these profits, they certainly haven't created a viable business empolying people like an entrepreneur would have done.

Second home owners have decimated coastal communities where locals have to move away to be able to afford to be able to afford a roof over their head, creating virtual ghost towns out of season. If people enjoy a town, they should rent a hotel room like other people do, this way they employ local people and ensure the housing stock is able to be used by the local people.

I'm not completely anti BTL, however it should be a business that uses yield (rent) for income, not the capital apprication of the property.

There are plenty of other opportunities for investment, shares, commercial property, hotels to name a few, but for these people to price out an entire generation is completely wrong. There is then the simple question of 'why are high house prices good?', only banks and multiple home owners benefit. The government has to bail out banks when the bubble bursts and payout increased amounts in housing benefits so they're no winner either.

Just for the record, I think CGT should be 'low' on shares due to the risks involved and I fully support Vince Cables 'mansion tax' (Land Value Tax) but that's for another day!

I believe I'm in the silent majorty on this issue (eg just read the comments on various websites), I have nothing to gain or lose on this but I can see when profiting from someone elses pain is wrong.

Your's faithfully

My Name

My constituency/quote]

* Please don't copy and paste my e-mail to them as it detracts from it's significance.

[Jadoube]

I emailed my MP and ministers@hm-treasury.gov.uk last week. Had a (fairly bland) reply from the treasury but nothing from my (Tory) MP.

Edited June 3, 2010 by Jadoube

[Minos]

So what you are supporting is the theft of your money through inflation and then taxation on that inflation. Good boy.

[goldbug9999]

I emailed my MP and ministers@hm-treasury.gov.uk last week. Had a (fairly bland) reply from the treasury but nothing from my (Tory) MP.

We should also post links to media stories so members can add comments. The telegraph seem to be running a new story daily maonign about it.

e.g.

CGT increase = lower house prices

http://www.telegraph.co.uk/finance/personalfinance/comment/paulfarrow/7782881/Treasury-may-get-less-revenue-by-raising-CGT.html

http://www.telegraph.co.uk/finance/personalfinance/capital-gains-tax/7797968/Capital-Gains-Tax-rise-will-cost-economy-61000-jobs.html

http://www.telegraph.co.uk/finance/personalfinance/7792997/CGT-rise-could-crush-buy-to-let-recovery.html (which I have already commented on this one, but they removed my comment).

http://www.telegraph.co.uk/finance/personalfinance/capital-gains-tax/7779125/Capital-Gains-Tax-people-in-care-homes-have-to-pay-CGT.html

Edited June 3, 2010 by goldbug9999

[The Knimbies who say No]

I love taxes, me.

[bull-sh..]

Emailed last week - reply from the Treasury today... your views will be taken into account blah blah blah. No response from my MP (Tory).

Heard Vince on R5 on the way into work this morning and he was still defending the rise and not backing down when the interviewer went down the hard-working people who've saved all their lives and bought a BTL and it's their pension route :angry:

[Pent Up]

Wrote to my MP and Vince, so did Mrs FTB whos local MP is Eric Pickles the housing minister.

I would urge everyone else to show your support.

[Pauly_Boy]

So what you are supporting is the theft of your money through inflation and then taxation on that inflation. Good boy.

No, they should take inflation into account (the same inflation rate they use for interest rates), but it's wrong that people are complaining about this 'unfair' tax on profits earned from 2nd/3rd/4th etc properties when a whole gernation can't afford one.

Anyway, it's only going to return to similar levels that it was at a couple of years ago, so I don't see what the fuss is about.