Anyone have any news / rumour regarding CGT changes?
Discussion
After pressure from various bodies (CBI, IOD, etc..), The Chancellor said he'd take these into account when announcing the detail of the CGT changes which are due to happen in April. He said the changes would be announced, early December (but nothing), then late December (but nothing), then early January (but nothing) then the end of last week (but nothing) then the beginning of this week (but nothing).
Anyone in the know?
Anyone in the know?
Edited by srebbe64 on Tuesday 22 January 16:03
PITA isn't it.
I'm stuck between making a disposal earlier than I want to (i.e March instead of June) to take advantage of taper relief, or waiting and more than likely paying 18% rather than 10%.
The law of sod dictates that if I go ahead then taper relief will remain and I will incur extra costs that I could have avoided (operating through a different company March - June), and if I wait then taper relief will go as planned and I'll miss out on 8%.
I'm stuck between making a disposal earlier than I want to (i.e March instead of June) to take advantage of taper relief, or waiting and more than likely paying 18% rather than 10%.
The law of sod dictates that if I go ahead then taper relief will remain and I will incur extra costs that I could have avoided (operating through a different company March - June), and if I wait then taper relief will go as planned and I'll miss out on 8%.
Sure is - we've got lots of deals which will be effected and it's impossible to advise people if you don't know what the rules of the game are. The latest rumour I heard was that it was going to be deferred for a year and then some sort of retirement relief. Someone else said that he's looking at a Tax free lump for the first £750k. However, reliable information is in short supply.
Eric Mc said:
Nope - Darling is being totally oblivious to the requests of virtually all the professional and commercial bodies who requested an urgent rethink on his proposed changes.
Whatever credibility he might have had when he entered office has long since been evaporated.
I'm beginning to think that because of the credit crisis, the markets in turmoil and Northern Rock he won't make any amendments, on the basis it's "a good day to bo bury bad news". Whatever credibility he might have had when he entered office has long since been evaporated.
srebbe64 said:
The latest rumour I heard was that it was going to be deferred for a year and then some sort of retirement relief. Someone else said that he's looking at a Tax free lump for the first £750k. However, reliable information is in short supply.
Yes please. However I'm sorry to point out that neither of these will happen as they would both greatly benefit me personally. As a straight, white, unmarried, childless, debt free, business owning, healthy 30-something then in the eyes of this Government I'm worthy of nothing but increased taxes. Edited by UpTheIron on Tuesday 22 January 13:01
srebbe64 said:
Sure is - we've got lots of deals which will be effected and it's impossible to advise people if you don't know what the rules of the game are. The latest rumour I heard was that it was going to be deferred for a year and then some sort of retirement relief. Someone else said that he's looking at a Tax free lump for the first £750k. However, reliable information is in short supply.
I would be happy eith either of these.UpTheIron said:
srebbe64 said:
The latest rumour I heard was that it was going to be deferred for a year and then some sort of retirement relief. Someone else said that he's looking at a Tax free lump for the first £750k. However, reliable information is in short supply.
Yes please. However I'm sorry to point out that neither of these will happen as they would both greatly benefit me personally. As a straight, white, unmarried, childless, debt free, business owning, healthy 30-something then in the eyes of this Government I'm worthy of nothing but increased taxes. Edited by UpTheIron on Tuesday 22 January 13:01
The Tuscan is a good choice too. I would still have mine now if the darn thing didnt cost so much to keep on the road!
I must be honest though, I have noticed I am less motivated to work hard and earn more money for the taxman now I don't have it...
Well reading this I don't think they're going to be overly generous. Maybe a sliding scale up to 18%? It was rumoured the other day that the first £750k would be at a lower rate. The original statement (back last year) said the Government wanted to simplify CGT. I bet you it ends up more complicated than before. Tax never gets simpler!
http://news.bbc.co.uk/1/hi/business/7205811.stm
http://news.bbc.co.uk/1/hi/business/7205811.stm
Smirnoff said:
10% for first £1m called entrepreneurs’ relief, for small businesses and anyone desposing of shares in a company they work for who own more than 5%. 18% above £1m.
Just been watching it!
I like the idea of "entrepreneur relief...."Just been watching it!
Edited by Smirnoff on Thursday 24th January 11:37
I think I'll nip down to the local polish sauna and get some at lunchtime.
Isn't the official report sickening?
You would think that HM Treasury had this relief in mind all along and that it was always part of their proposed changes to CGT.
Government departments should not be allowed to couch wordage in this type of self serving, self aggrindising manner - especially when they are responding to extreme pressure and are, in effect, climbing down from an original untenable position.
You would think that HM Treasury had this relief in mind all along and that it was always part of their proposed changes to CGT.
Government departments should not be allowed to couch wordage in this type of self serving, self aggrindising manner - especially when they are responding to extreme pressure and are, in effect, climbing down from an original untenable position.
Edited by Eric Mc on Thursday 24th January 11:52
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