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delboypass

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Tory Shadow Chancellor...

-----------------------------

What a great job he did...

Still no great ideas in there though...

no tax on BTL

Decrease taxation on inheritance (worst for house prices)

Lib Dems

-----------

Asking Darling to comment on risk of recession

BECAUSE UK growth based on consumer spending and now highest levels of personal debt and chickens coming home to roost...

Edited by delboypass

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no tax on BTL

Decrease taxation on inheritance (worst for house prices)

What about the change in capital gains tax to remove taper relief and charge a flat 18% - will this affect BTLers selling their investments?

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Tory Shadow Chancellor...

-----------------------------

What a great job he did...

Still no great ideas in there though...

no tax on BTL

Decrease taxation on inheritance (worst for house prices)

Lib Dems

-----------

Asking Darling to comment on risk of recession

BECAUSE UK growth based on consumer spending and now highest levels of personal debt and chickens coming home to roost...

The inheritance tax thing for couples is the usual bogus NuLabour sleight of hand. Married couples can already leave 600K-ish between themselves tax free if they write their wills correctly, all this is doing is removing the need for a 100 quid session with a lawyer. Are people really dumb enough for fall for that?

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What about the change in capital gains tax to remove taper relief and charge a flat 18% - will this affect BTLers selling their investments?

Presumably, yes. Looking at this though, that looks like a worthwhile cut for anyone living off investment income since it brings the rate charged down to less than the lower level of income tax for most people - even if it doesn't save people a load of money in reality it should make managing investments a bit easier.

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On IHT, my understanding of what he said (and the facts may differ) is that he hasn't changed it at all for single people. The Tory proposal was £1m allowance for everyone.

So if you are currently single it will still be £300k.

If you are married and subesquently die you can transfer your £300k to your spouse, so effectively he has raised it to £600k for widows and widowers. Meaning a married person doesn't have to mess around leaving have thier house to their children etc. and the rest to their spouse.

However I am sure the small print will have some usual NULAB catch.

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Bumping IHT up to £600K will be welcome. (What's the deal with "couples" though--couples don't die, people do.)

Downgrading his growth forecast was inevitable.

Couples can already get 2 x the individual allowance (so just under £600k), all you need is to use a trust.

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I can barely believe this IHT nonsense. Even less can I believe that the Telegraph has the story without even mentioning 'couples' at all. Since they have been running a campaign against IHT you would have thought that the announcement by Darling would be seen by them at least for the disgusting piece of fog and spin that it is - designed to take the heat out of the Tories' recent poll gains whilst costing practically nothing and staying true to socialist redistribution principles.

Telegraph

Aha, they have just edited their story to include the word 'couples'. BBC News has a full explanation of how the change will work. The changes amount to a dog's breakfast that introduce greater unfairness than before and punish in particular the sons and daughters of single parents.

Edited by Last Avenue

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