French socialism in action

Generali

Kennyboy66 wrote: »

Great to see the Tories going into bat for their wealthy chums.

We are truly all in this together.

I wouldn't say no to higher taxation on second homes in this country, instead of the numerous ludicrous loopholes which means anyone with an ounce of sense can avoid both tax on the rental income (if its mortgaged) and capital gains tax if you make it your main home for a few months.

Instead we pile taxes on to people working and creating stuff.

It's a bit daft to lay that at the feet of the Tories alone. All of those tax rules made it intact through 12 years of Labour Government.

Conrad

Kennyboy66 wrote: »

Great to see the Tories going into bat for their wealthy chums.

We are truly all in this together.

Jeeze this is so infantile.

As many wealthy Islington middle class lefty types will own in Provence et al.

Funny how the huge numbers of very wealthy left wingers don;t voluntarily pay more tax.

FTBFun

Kennyboy66 wrote: »

I wouldn't say no to higher taxation on second homes in this country, instead of the numerous ludicrous loopholes which means anyone with an ounce of sense can avoid both tax on the rental income (if its mortgaged) and capital gains tax if you make it your main home for a few months.

You can only take the interest as a relief against the rental income - this is consistent with all other business financing.

Kennyboy66

Generali wrote: »

It's a bit daft to lay that at the feet of the Tories alone. All of those tax rules made it intact through 12 years of Labour Government.

Labour were worse - much worse.

It was Gordon Brown who wanted people to be able to put residential property into their pensions (SIPP). An absolutely insane idea.

They also reduced CGT to 18% - the main beneficiaries being anyone who can convert income to a capital gain (private equity for example).

The old rules on CGT - with indexation allowances (so you are not getting taxed on what effectivly is inflation) and tax at your marginal rate seemed the most sensible and 'fair' basis to me.

StevieJ

FTBFun wrote: »

It is not the UK Government subsidising the French, despite the earlier claims. Despite that, I'd be suprised if that was legal under European law as its discriminating between French and other EU nationals.

Maybe it is applicable to all holiday homes and the papers are just trying to twist it, otherwise, I agree, it would be discriminatory.

kabayiri

Is this early signs of protectionism gaining traction amongst European states ?

Financially it may be a bad move from the French government. Politically it could be 'playing to the galleries' at the right moment with the French voting public.

I think we can see in Greece that when as a Political party you don't have the people behind you, you don't have anything.

Wookster

kabayiri wrote: »

Is this early signs of protectionism gaining traction amongst European states ?

Financially it may be a bad move from the French government. Politically it could be 'playing to the galleries' at the right moment with the French voting public.

I think we can see in Greece that when as a Political party you don't have the people behind you, you don't have anything.

France has been one of the most protectionist of all the EU countries.

chewmylegoff

FTBFun wrote: »

You can only take the interest as a relief against the rental income - this is consistent with all other business financing.

plus if you decide not to pay off your mortgage and invest the money that you would have paid off the capital with elsewhere (so as to keep mortgage interest high to keep offsetting it against tax) then the income you make from investing that capital elsewhere is going to be taxed.