Rishi Sunak’s next move

[sammersmith]

As i recall when this report was commissioned the intention was for it to be delivered just before the budget.  

The budget has since been canceled, but perhaps we can expect some of the recommendations to make it into the spring statement / postponed budget? 

Even if none of the recommendations are implemented it's still a nice news story to inject a bit of fear and urgency. 

[satsuma]

 

Sorry i forgot about the 18% rate for lower rate payers.

My point about the lack of a mad rush is its a tax on the gain not income.

So if they upped tax on BTL income to 60% sell now as going forward you are making a loss..

On a gain, you will be taxed today at 40% of the gain or tomorrow at 40% so it doesn't make a difference in tax planning of sell in Feb 2021 or Feb 2022.

Having said that they could do something really dumb and say the rate will change in a years time causing distortion. Wouldn't put it past them. Last time they changed the rates it was 1 months notice IIRC so no time for a mass exit / entry etc

So its going from 28% for a higher rate tax payer to 40%, only a 12% difference but psychologically your losing almost half your gain.  It depends when they want to introduce it as to when it will come in but if I was a BTL vampire I would be getting out before April 

[Pop321]

 

So its going from 28% for a higher rate tax payer to 40%, only a 12% difference but psychologically your losing almost half your gain.  It depends when they want to introduce it as to when it will come in but if I was a BTL vampire I would be getting out before April 

The big problem with CGT is that there is another option other than selling before April and that is never selling. 

I ain’t no troll but CGT is a funny one. If you own an asset ‘worth’ £400k but selling it means you pay say £80k tax and will get £320k then in my experience (ie experience of old world landlords) is it doesn’t get sold. 

A house can easily be worth (example) £250k or £450k depending on its condition and without any real manipulation. I have seen a few houses in poor condition sold to children to live in at the £250k to both house the kids and avoid CGT. Ie they would rather give it away. 

An ongoing value tax would encourage sales rather than a sales tax. 😉

[TheCountOfNowhere]

Couldn't make this up.

Wannae be PM Sunak's going to bring back Eat Our To Help Out The rich.

 

[moonriver]

3 minutes ago, TheCountOfNowhere said:

Couldn't make this up.

Wannae be PM Sunak's going to bring back Eat Our To Help Out The rich.

 

Is there no end to Sunak's methods of wasting tax payers money?

[TheCountOfNowhere]

15 minutes ago, moonriver said:

Is there no end to Sunak's methods of wasting tax payers money?

Quite frankly no.

 

I think this tweet sumarises it quite well

 

I'd rather a country £3Trillion in debt wasn't forced into more debt by a wealthy ex-banker so that rich corporations can get a more of our money. Who's profiting from the debt and who's profiting from the hand outs ? ( Bankers and the wealthy oddly enough )

 

 

 

[moonriver]

42 minutes ago, TheCountOfNowhere said:

Quite frankly no.

 

I think this tweet sumarises it quite well

 

I'd rather a country £3Trillion in debt wasn't forced into more debt by a wealthy ex-banker so that rich corporations can get a more of our money. Who's profiting from the debt and who's profiting from the hand outs ? ( Bankers and the wealthy oddly enough )

 

 

 

Excellent tweet...

[satsuma]

1 hour ago, moonriver said:

Is there no end to Sunak's methods of wasting tax payers money?

Look, you cant really blame him, he has grown up living high on the hog and only knows the same type of people.  A few hundred billion of taxpayers money seems so little when your family are billionaires.  

[TheCountOfNowhere]

46 minutes ago, moonriver said:

Excellent tweet...

[Biggus]

2 hours ago, TheCountOfNowhere said:

Couldn't make this up.

Wannae be PM Sunak's going to bring back Eat Our To Help Out The rich.

 

Wasn't it Milton Friedman whi said 'There's no such thing as a free lunch'? Pitty he never met Rishi.

[longgone]

https://www.mirror.co.uk/news/politics/rishi-sunaks-super-rich-wife-23568265

All in it together.

[MonsieurCopperCrutch]

18 minutes ago, longgone said:

https://www.mirror.co.uk/news/politics/rishi-sunaks-super-rich-wife-23568265

All in it together.

You want some tomato sauce to go with that chip? 

[Bruce Banner]

6 hours ago, longgone said:

https://www.mirror.co.uk/news/politics/rishi-sunaks-super-rich-wife-23568265

All in it together.

What surprises me is that so few people seem to see through his smiley exterior. It was blindingly obvious to me when he first came onto my radar, as Chief Secretary to the Treasury, that he was bad news.

[satsuma]

27 minutes ago, Bruce Banner said:

What surprises me is that so few people seem to see through his smiley exterior. It was blindingly obvious to me when he first came onto my radar, as Chief Secretary to the Treasury, that he was bad news.

He as the demeanour of a man that has no real life experience, I suppose this is not his fault, when you are born into megawealth you cant be expected to live in the real world.  Why we continue to vote for these people.......

[Peter Hun]

 

Rishi Sunak is drawing up plans for a new “stealth tax” on wealthy pensioners as he seeks to repair Britain’s finances after the pandemic, The Times has learnt.

The chancellor is expected to announce in his budget next week that the lifetime allowance, the amount people can build up in their pension pot before incurring punitive tax charges, will be frozen for the rest of this parliament at just over £1 million.

https://www.thetimes.co.uk/article/budget-2021-rishi-sunak-tax-raid-pensioners-lifetime-allowance-jjjnx7swl

 

Once again, tax increases on pensions is passed off as a tax on pensioners.  Existing pensioners, Tory voters, will not be affected.

[TheCountOfNowhere]

1 hour ago, Bruce Banner said:

What surprises me is that so few people seem to see through his smiley exterior. It was blindingly obvious to me when he first came onto my radar, as Chief Secretary to the Treasury, that he was bad news.

The day that Sajid David walked away from the 2nd highest post in the land and they put this ex-GS muppet in his place I knew:

a) They were up to something

b) He was a ****

c) Sajid David is the only honest MP.

Me thinks Mr Sunak's PR machine is working over time.  A foreign billionaire with a son-in-law as British PM...hmmmmm....WAKE UP FOLKS.

I posted some stuff on @housepricemania twitter feed when he was appointed and was publicly accused of being racist, despite there being no mention of his race. They backed down when I threatened legal actions.

Me Sunak wants to be PM. Or put it another way...the bankers want Mr Sunak to be PM and he's using our money to buy his way into the position.  

Who wouldn't want the lovely Mr Sunak, hander out of cash, to be in charge.....

 

Edited February 26, 2021 by TheCountOfNowhere

[Pop321]

8 hours ago, longgone said:

https://www.mirror.co.uk/news/politics/rishi-sunaks-super-rich-wife-23568265

All in it together.

I hadn’t realised the extent of ‘the great giveaway’. I knew the decorator over the road was getting £2.5k a month despite still working and another friend who owns several serviced apartments in town had claimed lots and lots of money and has spent 6 months in Australia enjoying himself...however there’s more. 

An old friend told me he has a couple of holiday lets in Scarborough and Whitby. They do well but after manage my charges, cleaning charges, extensive voids in winter etc he is lucky to earn £14k a year from both. But that’s fine for his purposes. 

However once covid struck he received £10k on each, then another £4k (on each) and as Scarborough moved to tier 3 in December another £450 for that one. So no cleaning, no management charges, no work and he has received £28,450. He loves it but kept telling me he had to pay tax on it...

So guess what. Yep, both flats are getting a makeover with the money so he can offset some tax. And with the extra he has put a deposit on a new place. 

Apologies for what I am sure will be a story I repeat on other threads but literally there are some people out there who ‘financially’ are enjoying covid very much.

I have wondered why lots of commercial property on high streets hasn’t been coming up for sale....I guess everyone is holding on until the money tree stops shedding leaves. 

Edited February 26, 2021 by Pop321
£7k x 2

[wighty]

8 hours ago, longgone said:

https://www.mirror.co.uk/news/politics/rishi-sunaks-super-rich-wife-23568265

All in it together.

Lol. She has 4.5% investment in the gym. Probably had little say in the decision. Could even had just wanted to pay 100% or sack them all.

[TheCountOfNowhere]

11 minutes ago, Pop321 said:

I hadn’t realised the extent of ‘the great giveaway’. I knew the decorator over the road was getting £2.5k a month despite still working and another friend who owns several serviced apartments in town had claimed lots and lots of money and has spent 6 months in Australia enjoying himself...however there’s more. 

An old friend told me he has a couple of holiday lets in Scarborough and Whitby. They do well but after manage my charges, cleaning charges, extensive voids in winter etc he is lucky to earn £14k a year from both. But that’s fine for his purposes. 

However once covid struck he received £10k on each, then another £4k (on each) and as Scarborough moved to tier 3 in December another £450 for that one. So no cleaning, no management charges, no work and he has received £28,450. He loves it but kept telling me he had to pay tax on it...

So guess what. Yep, both flats are getting a makeover with the money so he can offset some tax. And with the extra he has put a deposit on a new place. 

Apologies for what I am sure will be a story I repeat on other threads but literally there are some people out there who ‘financially’ are enjoying covid very much.

I have wondered why lots of commercial property on high streets hasn’t been coming up for sale....I guess everyone is holding on until the money tree stops shedding leaves. 

Pishi Rishi is a disaster for the people of the UK.  The rich must love him tho.

[TheCountOfNowhere]

12 minutes ago, Pop321 said:

I hadn’t realised the extent of ‘the great giveaway’. I knew the decorator over the road was getting £2.5k a month despite still working and another friend who owns several serviced apartments in town had claimed lots and lots of money and has spent 6 months in Australia enjoying himself...however there’s more. 

An old friend told me he has a couple of holiday lets in Scarborough and Whitby. They do well but after manage my charges, cleaning charges, extensive voids in winter etc he is lucky to earn £14k a year from both. But that’s fine for his purposes. 

However once covid struck he received £10k on each, then another £4k (on each) and as Scarborough moved to tier 3 in December another £450 for that one. So no cleaning, no management charges, no work and he has received £28,450. He loves it but kept telling me he had to pay tax on it...

So guess what. Yep, both flats are getting a makeover with the money so he can offset some tax. And with the extra he has put a deposit on a new place. 

Apologies for what I am sure will be a story I repeat on other threads but literally there are some people out there who ‘financially’ are enjoying covid very much.

I have wondered why lots of commercial property on high streets hasn’t been coming up for sale....I guess everyone is holding on until the money tree stops shedding leaves. 

Report them 

[Wayward]

Illegal to eat out, then paid to eat out, then illegal to eat out, then paid to eat out.

[Pop321]

10 minutes ago, TheCountOfNowhere said:

Report them 

All legit. The painter made sure his business was impacted enough and the serviced apartments and holiday let’s are closed. 

The issue is the amounts. But I guess if you are from a billionaire background £10k is kind of a ‘minimum amount’. 

Reality is people should have claimed enough to compensate....nothing complicated but just ‘up to £10k’ rather than ‘here is £10k’ 

[TheCountOfNowhere]

1 hour ago, Pop321 said:

All legit. The painter made sure his business was impacted enough and the serviced apartments and holiday let’s are closed. 

 

Report them anyway, it'll focus their minds

thought if you took furlough you weren't allowed to do the same job ?

[wighty]

7 minutes ago, TheCountOfNowhere said:

Report them anyway, it'll focus their minds

thought if you took furlough you weren't allowed to do the same job ?

The Self-Employment Income Support Scheme, SEISS. The third grant was worth 80 percent of average monthly trading profits, capped at £7,500 in total for the three-month period. The months of February to April 2021 will be covered by a fourth SEISS grant.

You can do what you like. 

[steve99]

10 hours ago, Pop321 said:

I hadn’t realised the extent of ‘the great giveaway’. I knew the decorator over the road was getting £2.5k a month despite still working and another friend who owns several serviced apartments in town had claimed lots and lots of money and has spent 6 months in Australia enjoying himself...however there’s more. 

An old friend told me he has a couple of holiday lets in Scarborough and Whitby. They do well but after manage my charges, cleaning charges, extensive voids in winter etc he is lucky to earn £14k a year from both. But that’s fine for his purposes. 

However once covid struck he received £10k on each, then another £4k (on each) and as Scarborough moved to tier 3 in December another £450 for that one. So no cleaning, no management charges, no work and he has received £28,450. He loves it but kept telling me he had to pay tax on it...

So guess what. Yep, both flats are getting a makeover with the money so he can offset some tax. And with the extra he has put a deposit on a new place. 

Apologies for what I am sure will be a story I repeat on other threads but literally there are some people out there who ‘financially’ are enjoying covid very much.

I have wondered why lots of commercial property on high streets hasn’t been coming up for sale....I guess everyone is holding on until the money tree stops shedding leaves. 

A house painter and a landlord. Both probably Daily Mail and or Sun readers, or at least with those attitudes. Both probably used to calling unemployed, sick and disabled people 'scroungers' but get more in a few weeks out of the tax payer than someone on the dole or other benefit in a year.  We know where the hypocrisy lies in the UK (or any other country for that matter) The self entitled spongers do tend to occupy the tory voting cohort of society. 

Edited February 26, 2021 by steve99