Discussion
Ozzie Osmond said:
Capital Gains tax already operates as a Wealth Tax. The numerical "value" of stuff you own rises with inflation - you are then taxed on that increase in the numbers even though the real world value hasn't moved!!
Big rises in property wealth are largely exempt from that. I'm not saying that's right at all, but that's the justification of the policy.oyster said:
JagLover said:
Just as an aside as the population has aged, and the power of the grey lobby has grown, taxes on capital have fallen while those on income have risen.
I do not see myself why, in principal, a annual 'wealth' tax on properties worth over £2m is more objectionable than a 50p rate of income tax.
Agree.I do not see myself why, in principal, a annual 'wealth' tax on properties worth over £2m is more objectionable than a 50p rate of income tax.
There's far too much tax on income and not enough on wealth.
Muncher said:
We had a very interesting seminar with someone from John D Wood last week and he pointed out that income cannot be taxed any further so that the next thing to be taxed will be wealth. Historically in these kind of economic circumstances assets have always been taxed so there is clear precedent for it.
Perhaps for another thread but they also said homes were now officially a "ponzi asset" and that in their view prices in real terms could only fall and would probably take 25 years to reach the same level again in real terms.
I would be very interested in also hearing these views , please Post here or in the house price thread.Perhaps for another thread but they also said homes were now officially a "ponzi asset" and that in their view prices in real terms could only fall and would probably take 25 years to reach the same level again in real terms.
House prices cannot fall while every wealthy person on the planet wants to buy in central London and every poor person on the planet wants to move to the UK. People saying the contrary are idiots.
I should also have mentioned earlier the 40% Wealth Tax when you die. The government has fixed the tax free band at £325k for the next three years so that too is being rapidly eroded by inflation.
If you live in London or the South East you are screwed from every direction.
I should also have mentioned earlier the 40% Wealth Tax when you die. The government has fixed the tax free band at £325k for the next three years so that too is being rapidly eroded by inflation.
If you live in London or the South East you are screwed from every direction.
- Massive Stamp Duty when you buy a house
- Capital Gains Tax if you dare to have a second home
- Inheritance Tax when you die.
Ozzie Osmond said:
House prices cannot fall while every wealthy person on the planet wants to buy in central London and every poor person on the planet wants to move to the UK. People saying the contrary are idiots.
I should also have mentioned earlier the 40% Wealth Tax when you die. The government has fixed the tax free band at £325k for the next three years so that too is being rapidly eroded by inflation.
If you live in London or the South East you are screwed from every direction.
Just to make it worse for you the NBR has been frozen for the next 5 years, at least. I should also have mentioned earlier the 40% Wealth Tax when you die. The government has fixed the tax free band at £325k for the next three years so that too is being rapidly eroded by inflation.
If you live in London or the South East you are screwed from every direction.
- Massive Stamp Duty when you buy a house
- Capital Gains Tax if you dare to have a second home
- Inheritance Tax when you die.
's announcement was that it will be frozen for three years FROM 15/16 and that previous pledges to raise it during the next two years have also been broken. 
Muncher said:
oyster said:
Agree.
There's far too much tax on income and not enough on wealth.
We had a very interesting seminar with someone from John D Wood last week and he pointed out that income cannot be taxed any further so that the next thing to be taxed will be wealth. Historically in these kind of economic circumstances assets have always been taxed so there is clear precedent for it.There's far too much tax on income and not enough on wealth.
Perhaps for another thread but they also said homes were now officially a "ponzi asset" and that in their view prices in real terms could only fall and would probably take 25 years to reach the same level again in real terms.
Wealth will be targeted because with expected, almost inevitable rises in unemployment and poor growth for the foreseeable, the overall tax take has to be bolstered so the f
kwits can carry on wasting in the manner to which they have become accustomed.Not much new money coming along so steal back some of what has already been made.
Ozzie Osmond said:
House prices cannot fall while every wealthy person on the planet wants to buy in central London and every poor person on the planet wants to move to the UK. People saying the contrary are idiots.
I should also have mentioned earlier the 40% Wealth Tax when you die. The government has fixed the tax free band at £325k for the next three years so that too is being rapidly eroded by inflation.
If you live in London or the South East you are screwed from every direction.
They have been falling in relation to earnings since about 2008, every time there has been a fall before they have undershot the 3.5x historical average salary multiple before rebounding.I should also have mentioned earlier the 40% Wealth Tax when you die. The government has fixed the tax free band at £325k for the next three years so that too is being rapidly eroded by inflation.
If you live in London or the South East you are screwed from every direction.
- Massive Stamp Duty when you buy a house
- Capital Gains Tax if you dare to have a second home
- Inheritance Tax when you die.
Ed Miliband defending the abolition of the 10p tax band in 2008 said:
When you make a big set of changes in the tax system, some people do lose out. That is a matter of regret. Of course it is. But overall these changes will make the tax system fairer.
Ed Miliband in 2013 said:
We would put right a mistake made by Gordon Brown and the last Labour government.
Dick Dastardly said:
The figures are horrible. If people think tax avoidance schemes are over used now then wait and see what happens if this comes in to play. A lot of people will be forced to get in on one if they want to keep living in their house.
Become jobless, have lots of kids in tow, get housed in the area you live in - no tax to pay. "Let me tell you about one crucial choice we would make, which is different from this Government. We would tax houses worth over £2m. And we would use the money to cut taxes for working people."
Cut taxes for working people. - is he suggesting nobody who lives in a 2m plus house works?
I suggest a pistonheads tax of 1p a post to pay someone to punch miliboob in the face.
Cut taxes for working people. - is he suggesting nobody who lives in a 2m plus house works?
I suggest a pistonheads tax of 1p a post to pay someone to punch miliboob in the face.
fadeaway said:
longblackcoat said:
Mermaid said:
McWigglebum3rd said:
Yeah they would never dream of dropping it to hit those bds that live in £1m houses
And what about those bds that live in £0.5m houses
And then there is those bds that live in £0.25m houses
All in good time.ds that live in £1m housesAnd what about those b
ds that live in £0.5m housesAnd then there is those b
ds that live in £0.25m housesds who have a portfolio of houses which collectively come to over £2m but which individually don't approach that? So it's not aimed necessarily at people with a lot of property, just people who own expensive houses. Strange, really, that if you had a large number of houses worth, potentially, £1.9m each you'd pay no tax, but if you had one property for £2.1m you'd automatically get stung.
Timberwolf said:
Fittster said:
... a "clear signal" his party was on the "side of working people".
Specifically, the poor working people of Westminster who thanks to recent London property inflation can no longer afford to buy nice mews houses in Islington.Or something like this just down the road from where I grew up... http://www.rightmove.co.uk/property-for-sale/prope...
Minigland is a hypocritical.
Minigland is a hypocritical
. Dear Mrs Miggins
As we socialists are totally incapable of living within our means we have decided to live within your means instead. We have assessed the family home in which you have lived for 40 years as being worth 2.1m. We understand that you spent 25 years paying off a mortgage for it out of taxed income, and that 40% of its value will be stolen from your heirs on your sad demise, and we even understand that it is only worth that much because you happened to buy a derelict shell in the riot torn neighbourhood of Notting Hill, and prices have risen generally in your area since then.
But sadly, you must understand that the only way to contain government spending is to raise taxes, because raising taxes allows us to spend more which means we can reduce spending and have a balanced budget, apart form our deficit spending. Anyway, let’s not bother about all those tiresome technical details, please just send us a cheque for 1% of 2.1m = 21k.
PS Happy 65th Birthday! How’s that 30k per year pension coming along ?
PPS You’ll need to send us another cheque for the same amount again next year, so don’t spend all those HMV vouchers just yet – you might need to turn them into nutritious gruel to eat!
PPPS We note that many people are having to sell their houses because they don’t have 21k spare income per year. We further note that it is now impossible to sell a house for more than 1.9m, and that therefore the actual value of your house is, er, 1.9m. We will be ignoring that inconvenient consequence.
As we socialists are totally incapable of living within our means we have decided to live within your means instead. We have assessed the family home in which you have lived for 40 years as being worth 2.1m. We understand that you spent 25 years paying off a mortgage for it out of taxed income, and that 40% of its value will be stolen from your heirs on your sad demise, and we even understand that it is only worth that much because you happened to buy a derelict shell in the riot torn neighbourhood of Notting Hill, and prices have risen generally in your area since then.
But sadly, you must understand that the only way to contain government spending is to raise taxes, because raising taxes allows us to spend more which means we can reduce spending and have a balanced budget, apart form our deficit spending. Anyway, let’s not bother about all those tiresome technical details, please just send us a cheque for 1% of 2.1m = 21k.
PS Happy 65th Birthday! How’s that 30k per year pension coming along ?
PPS You’ll need to send us another cheque for the same amount again next year, so don’t spend all those HMV vouchers just yet – you might need to turn them into nutritious gruel to eat!
PPPS We note that many people are having to sell their houses because they don’t have 21k spare income per year. We further note that it is now impossible to sell a house for more than 1.9m, and that therefore the actual value of your house is, er, 1.9m. We will be ignoring that inconvenient consequence.
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