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Alfie Moon

Daily Mail Cgt - Gov Climbdown Article

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Here is the latest offering Daily Mail anti-CGT hike article:

http://www.dailymail.co.uk/news/article-1286354/Capital-gains-tax-Ministers-prepare-climbdown-fears-rise-VAT-hike.html

It would be good to see HPC'er readers comments added to the article - they are not moderating comments so you can be sure that your comment will be added.

It might be worth mentioning that the Daily Mail published the results of a survey (DM survey I think) at the weekend that showed that about 75% of DM readers support the doubling of CGT for BTL and 2nd home properties. Again it might be worth sending MP's, George Osbourne, etc. copies of that survey (and/or URL links to it).

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Guest sillybear2

"ordinary shareholders and second home owners"

:blink:

"Mr Davis said these pensioners were 'people who have saved through second homes or holiday cottages or whatever"

:huh:

Edited by sillybear2

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"ordinary shareholders and second home owners"

:blink:

"Mr Davis said these pensioners were 'people who have saved through second homes or holiday cottages or whatever"

:huh:

Its not a climbdown. Its a reversal of labours **** up as far as it seems. For many long term holders of assets , labours reduction on the rate meant an increase in CGT. The whole debate is a result of browns stupidity a couple of years ago.

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They are being moderated now, so as usual mine won't get printed.

Despite the webpage for the article says "Comments below have not been moderated" it does seem a bit hit and miss - I submitted a couple comments but they didn't appear but a 3rd one I submitted has appeared.

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Guest sillybear2

Its not a climbdown. Its a reversal of labours **** up as far as it seems. For many long term holders of assets , labours reduction on the rate meant an increase in CGT. The whole debate is a result of browns stupidity a couple of years ago.

So these new proposed tapers may well be a reduction in GCT for many people? :angry:

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So these new proposed tapers may well be a reduction in GCT for many people? :angry:

Depends on exactly what they are i think. I doubt they will be the same as indexation and taper relief as it was. Most likely it will appease both camps. Some form of taper relief, but designed to up the tax take in general.

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So these new proposed tapers may well be a reduction in GCT for many people? :angry:

And dont forget that the likely tax take is going down all the time with reduced property values and stock market falls of recent years. I would assume many will have a loss.

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Here is the latest offering Daily Mail anti-CGT hike article:

http://www.dailymail...e-VAT-hike.html

It would be good to see HPC'er readers comments added to the article - they are not moderating comments so you can be sure that your comment will be added.

It might be worth mentioning that the Daily Mail published the results of a survey (DM survey I think) at the weekend that showed that about 75% of DM readers support the doubling of CGT for BTL and 2nd home properties. Again it might be worth sending MP's, George Osbourne, etc. copies of that survey (and/or URL links to it).

I always like to add my bit to articles like this, but some of the comments have left me fuming!

What is it with people who don't understand how Capital Gains Tax works? Why does everyone keep reverting back to the old "I work hard and save hard, why should I be taxed" comments? Either they're just plain stupid or more likely, plain greedy!

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I always like to add my bit to articles like this, but some of the comments have left me fuming!

What is it with people who don't understand how Capital Gains Tax works? Why does everyone keep reverting back to the old "I work hard and save hard, why should I be taxed" comments? Either they're just plain stupid or more likely, plain greedy!

it vexes me that people this ignorant have managed to do well enough in our society to be troubled by CGT.

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I always like to add my bit to articles like this, but some of the comments have left me fuming!

What is it with people who don't understand how Capital Gains Tax works? Why does everyone keep reverting back to the old "I work hard and save hard, why should I be taxed" comments? Either they're just plain stupid or more likely, plain greedy!

Meaning?

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Meaning?

when your house increases in price over time it's nothing to do with you working hard.

Even Beeny pointed out most of her monkies would make a profit if they'd done nothing because it was a rising market.

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when your house increases in price over time it's nothing to do with you working hard.

Even Beeny pointed out most of her monkies would make a profit if they'd done nothing because it was a rising market.

When has the value of anything in the world in history ever stayed the same. All CGT is is a means of governments profiting on somebody elses good luck.

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Guest sillybear2

When has the value of anything in the world in history ever stayed the same. All CGT is is a means of governments profiting on somebody elses good luck.

A capital gain represents a transfer of wealth from the future, so if a young person has to work in order to pay off a mortgage that forms part of somebody's unearned capital gain they should also be able to claim the tax back on the interest (or principle).

Highly taxed earned income > intergenerational transfer > untaxed unearned capital gain bought with debt interest written off against tax from original rent.

Oh, that's fair!

Edited by sillybear2

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A capital gain represents a transfer of wealth from the future, so if a young person has to work in order to pay off a mortgage that forms part of somebody's unearned capital gain they should also be able to claim the tax back on the interest (or principle).

Highly taxed earned income > intergenerational transfer > untaxed unearned capital gain bought with debt interest written off against tax from original rent.

Oh, that's fair!

But if they could it would mean they would have to pay tax on the gain on their private residence. Are you in favour of CGT on ALL property, and those with only one.

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But if they could it would mean they would have to pay tax on the gain on their private residence. Are you in favour of CGT on ALL property, and those with only one.

That would make my day! Prices would certainly plummet then! :lol:

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That would make my day! Prices would certainly plummet then! :lol:

Maybe. But you would probably need to double or treble the size of the inland revenue depertment to control it. And nowadays with many in negative equity would you condone a tax refund for those that do make a loss. Though not.

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Guest sillybear2

But if they could it would mean they would have to pay tax on the gain on their private residence. Are you in favour of CGT on ALL property, and those with only one.

Depends, are you an MP?

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Maybe. But you would probably need to double or treble the size of the inland revenue depertment to control it.

I doubt it. Labour are well known for wasting public money on excess staff to run their departments! :D

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I doubt it. Labour are well known for wasting public money on excess staff to run their departments! :D

So no need to make any cuts to the revenue service then. Just in case they need to keep track of the price of every property in the country. lol

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APOLOGISTS AT WORK

Comment:

May I point out that far from being rich many people who bought second homes are not. The situation was forced on them when Brown decimated millions of pensions these people simply looked at what they could do to save or aquire finances for their old age.

This seemed like the best option at the time but as always the goverment find a way of taxing the pot just like Gordon did. They change the rules as and when they like, they then have the cheek to tell us we must save for our old age. One question to the goverment, how do we save?

BTL are blamed for the house prices rising this is not so, just like they are not responsible for our cost of living I think you will find this to be in the hands of the goverment.

Letting 4 million people into the country may have been a factor, supply and demand you know.

Its the goverment that sets our cost of living, taxes, laws ect not BLT people, I think you will find many areas we are paying over the top prices thanks to our goverment.

- mustbemad, leeds, 14/6/2010 11:11

UNQUOTE

Read more: http://www.dailymail.co.uk/news/article-1286354/Capital-gains-tax-Ministers-prepare-climbdown-fears-rise-VAT-hike.html#ixzz0qozYVmxl

Sounds like a sensible point of view. Many made that judgment at the time, especially after gordon shafted the pensions. The government will shaft each and every one of us as necessary. Trying to pin the blame on other parts of society who have acted in their best intrests is no way to solve our problems. Hindsight is a wonderful thing.

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I made my posting on the Mail site at 11:03 and it was there, unedited, just a few minutes later, and, happily, most readers seem to agree. I wonder if the government policy makers ever read the comments or just the screaming headlines in the Daily Wail, Daily Excess and Daily Torygraph?

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  • 259 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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