CGT increasing from 18% to 40% to fund lower paid people

[amir_j]

The Lib Dems Robin Hood policy accepted by the tories...would rather it be used for reducing debt- bizarre.


The 18 per cent rate of tax on gains on non-business assets will be increased to close to the 40 per cent higher rate of income tax, meeting a central plank of Lib Dem policy, according to Tory insiders. There will be “generous exemptions” for profits related to business, in a bid to offset concerns about the potential chilling effect of the tax increase on entrepreneurs.

The revenue from the tax rise will be used to help fund a significant increase in the income tax threshold to help lower-paid people, taking effect in April. The new government, with George Osborne as chancellor, will also agree to subsequent real terms increases in this threshold, as part of a longer term goal of meeting the £17bn Lib Dem policy of raising the income tax exemption to £10,000.

from the Financial Times

[amir_j]

Eric Mc said:

Lost soul said:

All the reasons people voted for them have now gone out of the window , so a party manifesto is worth nothing

Did you think any election manifesto was ever worth anything?

In this situation, both parties have to compronise to move forward. Otherwise, the country descends into chaos and uncertainty - and all that entails.

+1, the people voted that way and the tories had to work with what they had. Even today met a guy who voted Labour and has no idea how much debt there is.

[amir_j]

M400 NBL said:

a lot of landlords will be tempted to sell up.

Lets hope this does happen!

[amir_j]

Akers said:

TheCarpetCleaner said:

cs02rm0 said:

M400 NBL said:

If this happens and there is no taper relief, a lot of landlords will be tempted to sell up.

I certainly hope so!

Would someone be so kind as to explain why this would be beneficial to the country as a whole?
Surely a sudden increase in the number of properties on the market would result in a rapid fall in house prices, thereby putting many home owners into negative equity?
Or is your hope purely a selfish one?

House price correction, Many areas (especially outside London) are out of control.

If prices go up and up and salaries do not then its not good overall. Instead of people who genuinely added value to the economy by buying a property and working on it, the bubble led to Greed with easy credit and wannabe property millionaires. At some point chickens have to come home to roost.
Many people are ALREADY in negative equity and if you use Property Bee, you will see how many are struggling to sell. Its the low interest rates that's making them get by- remember the boom had 110% LTV mortgages!

Labour let it happen as collected stamp duty/mp's slipped properties/tax from estyate agents etc etc but the numbers don't add up. Historically house prices have always been around 3.5 X salary iirc.

[amir_j]

CGT allowance to be lowered?



from the telegraph

" The Lib Dems also want to bring down the level at which capital gains tax is payable from £10,000 to less than £5,000.

The Conservatives are understood to be resistant to that idea and negotiations are continuing. "

[amir_j]

Jasandjules said:

Seriously guys, there is little point speculating - when the mini-budget comes out then it's time to assess the impact, but before that point there is little to gain panicking (or hoping, depending on if you are an owner or tenant) about a house price crash or the impact upon business, and if any changes are index linked.

without speculation half of the internet would cease to exist

[amir_j]

Devil2575 said:

amir_j said:

Jasandjules said:

Seriously guys, there is little point speculating - when the mini-budget comes out then it's time to assess the impact, but before that point there is little to gain panicking (or hoping, depending on if you are an owner or tenant) about a house price crash or the impact upon business, and if any changes are index linked.

without speculation half of the internet would cease to exist

Along with the 24 hour news channels...

They had various experts on radio4 today speculating on other taxes. One easy target would be suger driven soft drinks as nutritionally empty calories.
Pepsi's rep was thus interviewed protesting how this would not be fair and a soft drink is a 'treat' and benefits in other ways.

Was hilarious- speculation rules

[amir_j]

Devil2575 said:

It's sad that people who are quite obviously not struggling financially at all would leave the country of thier birth just so they could be a little bit richer.

It makes me wonder why people cheer for the likes of Lewis Hamilton on the grounds that he's a Brit. In my eyes the minute he left and stopped contributing to our society is when he stopped being British.
I'm proud of this country and no matter what the government is I want to do my bit and contribue. I have no time for those who are in the end, really only looking after number one.

The Lewis Hamilton thing is outrageous- agreed

But with your average non-millionaire person it is not being 'a bit richer', its one more thing when considering the pro's and cons of the UK and may well be the tipping point.

[amir_j]

Devil2575 said:

At the moment some people on low incomes are struggling to pay energy bills for example. A tax increase could see them not being able to pay those bills and ending up in court or with the baliffs round.

What are the bailiffs going to take- the PS3 and widescreen TV?

[amir_j]

DonkeyApple said:

Devil2575 said:

superlightr said:

Devil2575 said:

Andy Zarse said:

Bear in mind it's HMRC who write these complicated rules, not the public.

I have had issues with HMRC myself in the past and have little time for them. Yes tax is bloody complicated. I'm currently studying some economics as part of an engineering degree and the tax side is so complex that I wonder who the hell came up with it.

Would be good to have a simplified tax system with less administrators.

What would be good was that if and when they fked up your tax they said sorry.

Despite being informed of a taxable benefit I get through my employer the Inland Revenue failed to take acount of it in my tax code. I didn't notice myself because the changed happened in April at the same time as a payrise and other budgetry changes that would affect my take home salary and tax code. 2 years later they sent me a letter asking for some info and the following month the took over £200 extra out of my pay packet. No contact before hand to tell me, they just took it. The payday before christmas as well. I rang them and got some stuck up cow on the phone who basically said, tough, get over it. Nice.

But at least you had then paid the right amount of tax. Up until then you had been defrauding this country and everyone in it by not paying your dues.

But of course, it wasn't your fault.

I really cannot wait and see what you think about tax once you start actually paying some real tax later in life as your career progresses. Right now you are just spouting some militant crap based around what your immediate peers have been ranting on about and your own immature thinkings.

It's the people who borrowed too much and then spent it on worthless things that have screwed us. This includes the Govt of the last 13 years as well as every tt with a big mortgage and a flat screen TV under its roof. These are the s who are now bleating that they can't afford to pay for the cuts needed when it has been them who caused it.

No, as per usual, their fking pikey, stbagged, scrotey lives are going to be bailed out by all the Britons who didn't borrow too much, didn't buy crap they didn't need, didn't buy a home they couldn't afford and save money while getting up and probably doing a job they hated every day.

Power bills, don't run the fking heating like your in Teneriffe. Put a fking jumper on. Food, don't eat at McDonalds you scabby, parasitic little turd. Actually buy some ingredients and cook something. Surprise!!!! It costs fk all.

Well fk the lot of those little sts. It's almost tempting to become a bailif so I can have the personal pleasure of stting in the faces when the reality of their own fking stupidy comes home to roost.

Lazy, whinging little fktarts. I st em.

Obviously there are those right at the bottom who do genuinely need support but it's not as if they've had any from Labour and yet these dumb fks still stand by them. The reality is that they'll be better protected by the LibCons but will be too bitter and fkwitted to acknowledge it.

Sorry. Rant over.

[amir_j]

Rolls Royce boss yesterday sold half of his shares in anticipation of the increase, expect more to follow.

[amir_j]

you could argue they have already given notice, was leaked to papers and then Osborne has confirmed something will be happening in interviews.

Labour used to leak pre-budget ideas just to get feedback on how badly the public will take it...

[amir_j]

SmoothRB said:

still with all the risk and downside covered by you of course..

You can carry forward losses to future years can you not?