what impact

shiredeon

http://www.express.co.uk/news_detail.html?sku=1092

What do the boffins think about the above.

EdInvestor

It won't happen, this is not France you know

dunstonh

Something will happen as taxes need to rise. It just depends on how many ways Labour can find indirectly or stealth to do it.

Pensions would be decimated, with tax relief slashed for higher earners.

That cant happen without a significant overhaul of the tax system costing more than the tax that would be saved.

I wouldnt be surprised to see buy to let property owners hit some way.

cheerfulcat

Hi, shiredeon,

I don't know whether I qualify as a boffin, but IMO it would be disastrous. Anyone with a reasonable amount of money who hasn't already left, will move somewhere more congenial.

Edinvestor wrote:

It won't happen

It's starting already. Rates ( council tax equivalent ) in Northern Ireland are now pegged to house value, with no cap. A wealth tax in all but name. I am quite sure that this is just an experiment.

dunstonh wrote:

That cant happen without a significant overhaul of the tax system costing more than the tax that would be saved.

dh, you have more faith than I do in this government's abilities to think straight.

Debt_Free_Chick

Raising taxes on the increase in value of assets is grossly unfair. Those increases are only "on paper" e.g. in order to recieve hard cash from the increase in the value of your property, you would need to sell it!

shiredeon

EdInvestor wrote:

It won't happen, this is not France you know

That's not funny ED, ok i suppose it is.:D

EdInvestor

I wouldnt be surprised to see buy to let property owners hit some way.

They are already taxed on letting income and pay CGT on profits.The sector is a bit shaky at present due to falling yields and rising interest rates, so I suspect it will be left alone, lest and action destabilise the overall market.