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Cut welfare and benefits to remove capital gains tax.
Graham_Devon
Posts: 58,560 Forumite
Liam Fox has called on the government to remove capital gains tax for 3 years, reintroducing it at just 10% after those 3 years.
Costing £3.7bn...which is to be made up for by cutting welfare, the plan is suggested to be explosively controversial.
The plans would help the wealthy offload their assets, such as shares, second homes and BTL's, keeping more of the profits. It's suggested that this would fuel sales in the property market, and also lower prices, as sellers rush in (possibly offering lower prices) to save money in capital gains.
One benefit that would go to pay for this would be paternity leave, meaning that fathers of newborns don't get the paid leave from employers.
He suggests it's irrational and unreasonable for people (fathers) to expect these welfare and employment benefits to be protected. Along with this, he wants employee's to forgoe some rights to make it easier for employers to hire and fire. The whole of the benefits system itse;f should also see cuts to pay for the £3.7bn hole created by removing this tax.
What an awful....awful policy of giving to the rich and taking from the poor. He feels the tories will be unelectable if they do not provide growth....so he comes up with this?!
http://www.thisismoney.co.uk/money/news/article-2202546/Dr-Liam-Fox-Axe-capital-gains-tax-shock-economy-growth.html
Costing £3.7bn...which is to be made up for by cutting welfare, the plan is suggested to be explosively controversial.
The plans would help the wealthy offload their assets, such as shares, second homes and BTL's, keeping more of the profits. It's suggested that this would fuel sales in the property market, and also lower prices, as sellers rush in (possibly offering lower prices) to save money in capital gains.
One benefit that would go to pay for this would be paternity leave, meaning that fathers of newborns don't get the paid leave from employers.
He suggests it's irrational and unreasonable for people (fathers) to expect these welfare and employment benefits to be protected. Along with this, he wants employee's to forgoe some rights to make it easier for employers to hire and fire. The whole of the benefits system itse;f should also see cuts to pay for the £3.7bn hole created by removing this tax.
What an awful....awful policy of giving to the rich and taking from the poor. He feels the tories will be unelectable if they do not provide growth....so he comes up with this?!
http://www.thisismoney.co.uk/money/news/article-2202546/Dr-Liam-Fox-Axe-capital-gains-tax-shock-economy-growth.html
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Comments
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This is on top of the 10% tax cut for the rich?0
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Hang on, this is not only for the rich, I have to pay 29% on any profit I make from share dealing (above £10k), which is not that high if you have your savings invested. It's about time they looked at this it would also see investment going into smaller companies who are listed who may then use the money to invest and create jobs.
One area I would like to see looked at is the Share save schemes which currently won't allow you to invest any more than £250 per month. If the gov want families and workers to save this should be lifted to allow people to save risk free investing again and their profits not subject to CGT
and do dad's really need the time off given the current economic situation? Is it not better to tell the toddler "daddy's at work to pay for your food" lol0 -
Hang on, this is not only for the rich, I have to pay 29% on any profit I make from share dealing (above £10k), which is not that high if you have your savings invested. It's about time they looked at this it would also see investment going into smaller companies who are listed who may then use the money to invest and create jobs.
One area I would like to see looked at is the Share save schemes which currently won't allow you to invest any more than £250 per month. If the gov want families and workers to save this should be lifted to allow people to save risk free investing again and their profits not subject to CGT
To make 10k in profit, you'd either have to be lucky, or pretty well off. Would take quite an investment to make that on a lot of the FTSE100 companies.
I'm not against removal of the tax.
I'm against who will get money removed from them to allow you to keep more of the profits you make on your investment. These people would'nt even have the money for investment in the first place.
If the money was to be made up by a bankers bonus tax (for example), removal of tax havens etc then I really wouldn't give two hoots. But it's not...it's removal of those already "poor".0 -
Hang on, this is not only for the rich, I have to pay 29% on any profit I make from share dealing (above £10k), which is not that high if you have your savings invested. It's about time they looked at this it would also see investment going into smaller companies who are listed who may then use the money to invest and create jobs.
One area I would like to see looked at is the Share save schemes which currently won't allow you to invest any more than £250 per month. If the gov want families and workers to save this should be lifted to allow people to save risk free investing again and their profits not subject to CGT
10k per year, tax free gain, seems fair for the average man the street. Above that it should be taxed.
Again £250 per month is a reasonable amount for the average person. Where would be risk free if you are investing rather than merely saving? Many simply don't have the where with all to save for anything more than short term goals, if even that.
Fox, I 'll take my "friend" with me, is this someone that should be taken seriously?"If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0 -
Graham_Devon wrote: »To make 10k in profit, you'd either have to be lucky, or pretty well off. Would take quite an investment to make that on a lot of the FTSE100 companies.
I'm not against removal of the tax.
I'm against who will get money removed from them to allow you to keep more of the profits you make on your investment. These people would'nt even have the money for investment in the first place.
If the money was to be made up by a bankers bonus tax (for example), removal of tax havens etc then I really wouldn't give two hoots. But it's not...it's removal of those already "poor".
I don't invest in the FTSE I do most of my investments on the AIM markets where some resource shares can double or half in a day! and actually these past years have been the best time to invest when the markets have dropped. I had a sharesave finish this year but had to hold some of the sale back to after April to get my money tax free.
I am also not in favor of the poor suffering and the tax cut should be covered by the better off but the time off for dad's is a joke given the current jobs situation. If I was a SME employer I would think long and hard about employing anyone who wanted kids.0 -
grizzly1911 wrote: »Again £250 per month is a reasonable amount for the average person. Where would be risk free if you are investing rather than merely saving? QUOTE]
Share saves are risk free millions of employees have them but they often have to cancel one years in order to get more in another year when the option is offered lower (ie the shares are not performing). If the £250 limit was raised more would save and potentially earn more to spend in the economy.0 -
grizzly1911 wrote: »Again £250 per month is a reasonable amount for the average person. Where would be risk free if you are investing rather than merely saving? QUOTE]
Share saves are risk free millions of employees have them but they often have to cancel one years in order to get more in another year when the option is offered lower (ie the shares are not performing). If the £250 limit was raised more would save and potentially earn more to spend in the economy.
Share saves are far from risk free. I know from personal experience.
The amounts might not suit you personally but they are for the many not the few.
I am glad there was a limit it made me spread my investments."If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0 -
Why do you care graham?0
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I've never paid CGT, I've never known anybody that paid CGT. I don't expect to ever pay CGT, nor have any family members who might pay CGT.
It's one of those rich bugg4h things isn't it ....0
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