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Adam Bolton On Sky News Discusses Cgt Raise Now

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Apparently Osbourne has confirmed CGT will be going up - no idea by how much - and Bolton is about to discuss it now on Sky News.

Oh, Sky News is leading with the CGT rise as their main story.

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Discussing CGT "now" to Sky News apparently means anytime between now and 11 AM - caption just flashed up saying 'Economy Debate 10.45'.

I hate it when they do this.

Yeh been caught by that before. Useless.

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Redwood on Sky pleading with Osborne not to raise CGT. No mention of property speculation. Adam Boulton trumps up and saying that people using low CGT income as tax avoidance

Edited by Conrad

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Redwood on Sky pleading with Osborne not to raise CGT. No mention of property speculation. Adam Boulton trumps up and saying that people using low CGT income as tax avoidance

Which is what Osbourne said this morning about people moving income to avoid CGT which I took as meaning people buying houses.

The Economist guy in that item talked about warning of a speculative housing bubble.

Certain journos will be now fully aware of what is happening with CGT - leaks, bedroom tales, sounding out etc - but I am no longer in the meeja loop to get an idea of what is happening... but it does appear this morning that the meeja is being used to prepare for CGT rises... whether that will be on property and whether it will be the 40% non-tapered that we hope for... only time will tell.

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Im curious. Why do you think that these everyday people who maybe have a second home they rent out would declare their income from it? Or indeed declare any money they make when selling it?

I dont see CGT as a big panacea to HPI that some of you seem to imply.

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Im curious. Why do you think that these everyday people who maybe have a second home they rent out would declare their income from it? Or indeed declare any money they make when selling it?

I dont see CGT as a big panacea to HPI that some of you seem to imply.

Good point. I doubt the tax man will investigate every property sold?

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I've got the Sky News app on my iphone and I just read an article called "George Osborne Promises 'Tough But Fair' Budget". At the end it said something along the lines of "rumours are that CGT could double on second homes and buy-to-let properties angering Conservative backbenchers and business leaders".

I go to read it again about 5 minutes later and its changed, and now reads exactly as this article on SKY with the mention of second homes and BTL removed?

http://news.sky.com/skynews/Home/Politics/George-Osborne-Promises-Tough-But-Fair-Budget-Which-Could-Be-Controversial/Article/201006315652123?lpos=Politics_Top_Stories_Header_0&lid=ARTICLE_15652123_George_Osborne_Promises_Tough_But_Fair_Budget_Which_Could_Be_Controversial

???

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Im curious. Why do you think that these everyday people who maybe have a second home they rent out would declare their income from it? Or indeed declare any money they make when selling it?

I dont see CGT as a big panacea to HPI that some of you seem to imply.

Yes, I have long thought this about second homes in Wales, Cornwall, etc - if you rent it out cash in hand to friends, colleagues, etc, who would know.

I guess they might open up a tax avoidance line along the lines they already have - report the house you think is being rented out... but then it would probably result in nothing being done.

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"Mr Osborne confirmed that Capital Gains Tax would rise in the Budget, despite a free market think tank, the Adam Smith Institute, warning it could actually cost the government as much as £2.48bn in lost revenues.

It argues that higher tax rates will discourage individuals from selling assets, denying the government the CGT they would gain from the sale. "

http://news.bbc.co.uk/1/hi/politics/10359045.stm

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Good point. I doubt the tax man will investigate every property sold?

Unless you sell without using a solictor you will almost certainly be caught. (S)he is legally obliged to inform on you if (s)he thinks you have wrongly delared the CGT status of the property.

tim

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Unless you sell without using a solictor you will almost certainly be caught. (S)he is legally obliged to inform on you if (s)he thinks you have wrongly delared the CGT status of the property.

tim

Back hander will sort that out surely

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"Mr Osborne confirmed that Capital Gains Tax would rise in the Budget, despite a free market think tank, the Adam Smith Institute, warning it could actually cost the government as much as £2.48bn in lost revenues.

It argues that higher tax rates will discourage individuals from selling assets, denying the government the CGT they would gain from the sale. "

And what will they do with these assets if they don't sell them? Giving them away creates a tax charge so that doesn't help.

This idea that tax take will go down because it puts people off realising their gains is a nonsense suggesion. (There may be reasons why it goes down, but this isn't one of them)

tim

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Back hander will sort that out surely

So you're a solicitor making 100K a year and you will risk being struck off for a couple of grand bribe, will you?

And the striking off is automatic - a criminal conviction equals not able to practice, no mitigation allowed.

tim

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So you're a solicitor making 100K a year and you will risk being struck off for a couple of grand bribe, will you?

And the striking off is automatic - a criminal conviction equals not able to practice, no mitigation allowed.

tim

Never stopped MPs making frivolous expense claims,for some of whom it may have criminal implications.

Never underestimate the power of greed, no matter how irrational it is. These people would steal a penny off their own grandmother

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Unless you sell without using a solictor you will almost certainly be caught. (S)he is legally obliged to inform on you if (s)he thinks you have wrongly delared the CGT status of the property.

tim

That was a bit of a leap. As far as I know, CGT is declared via your yearly tax return. How would the solicitor be involved in that, and know if you had or hadnt declared it? You would have to tell HMRC by the 5th of October the year after you sold it. I think you are seeing a link where none exists.

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John Hutton, former Labour Minister to head Pensions commission? :blink:

Why not? Given how unpopular this person is going to be, would you really give the position to "one of your own"?

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Why not? Given how unpopular this person is going to be, would you really give the position to "one of your own"?

I was pondering this also, pluss the Hutton enquiry was a white wash so he's used to being bought.

Conservatives doing a good job of load sharing the blame e.g Coalition etc Frank Field as benefits Tzar lol

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I was pondering this also, pluss the Hutton enquiry was a white wash so he's used to being bought.

Conservatives doing a good job of load sharing the blame e.g Coalition etc Frank Field as benefits Tzar lol

Err not the same Hutton!

Anyway I am all for bringing in people from different parties if they possess particular talents. This country is so fecked I doubt a single party could sort it all out. Also restricts the ability of opposition to blame it all on the Tories.

Edited by SirStirlingSlumlord

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Im curious. Why do you think that these everyday people who maybe have a second home they rent out would declare their income from it? Or indeed declare any money they make when selling

The rent thing is easy to sort out. Have an imputed rent for every property, on which you have to pay tax. Set both high. You have to declare one main residence which is exempt, and then have to produce proper accounts proving how much rent you actually got in order to have the tax on the imputed rent on your other properties reduced. Have HMRC comb through the Land Registry to find out who owns what and when they sell it.

Something similar is already possible. Some years ago the then IR contacted a colleague of mine wanting tax on royalties on some songs he'd written. They plucked some huge sum out of the air - you have earned £10,500 in royalties in the last five years, or some such - and he had to prove exactly how much he had actually earned.

This would either bring more tax or discourage second home ownership, freeing up more property to be bought as actual homes.

Of course, you could try to find a crooked accountant to produce accounts showing no rent at all, but some people wouldn't want to take the risk, and some would be caught. I remember the police knocking on our office door once looking for the accountant two doors down.

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Good point. I doubt the tax man will investigate every property sold?

Why not, they do when you buy and have to pay the stamp duty......what government would want to throw good taxes away. ;)

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Telegraph blog in last half hour.

http://blogs.telegraph.co.uk/news/benedictbrogan/100044173/does-george-osborne-have-to-buy-off-the-lib-dems/

Listening to him this morning, there was a ferocity on his attack on “Labour’s” 18pc rate of CGT that sounded suspiciously like a deliberate provocation to the Tory right. The way he went on about tax evasion suggested we should brace ourselves for some bad news on CGT. Campaigners against a rise, such as David Davis, were confident last week that they were winning the argument internally. But it is difficult not to detect signs that Mr Osborne is dressing left on this one, largely to placate the Lib Dems.

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  • 192 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% +
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      • Even
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