Socialism is easy when you're rich

Wookster

Well well well...

Ed Milliband's property investments have been revealed in the telegraph.

http://www.telegraph.co.uk/news/politics/ed-miliband/8039829/Red-Ed-Miliband-lives-in-1.6m-house-after-shrewd-property-moves.html

Because they are unmarried, each of them would be able to nominate different properties as their “primary residence” and so legitimately avoid Capital Gains Tax if one of them were sold. However a spokesman for Mr Miliband insisted they had no intention of doing so.

After all those comments on being moral and paying your share of tax it seems that Ed is using a basic (but legal) means of reducing his tax liabilities.

It would also seem that he has done quite well out of booming property prices in London:

1994. He and his brother, David, are each given a 20 per cent stake in their childhood home in Edis Street, Primrose Hill, following death of their father, Ralph.
1995. Spends about £100,000 on a second-floor flat in Chalcot Square, Primrose Hill, living above his brother in a building formerly inhabited by their grandmother.
2004. Receives at least £160,000 from his brother after selling him his stake of the Edis Street property.
2005. Sells his Chalcot Square flat for £342,000.
2006. Uses proceeds from both properties to buy a flat in nearby Chalcot Road for £648,500.
2009. Sells his flat for £740,000, making a £92,000 profit, and moves in with his girlfriend, Justine Thornton, to a £1.6million house in Dartmouth Park. She had made a £274,000 profit on the sale of a flat in Maida Vale.

Socialism is easy when you're spending other folks money!

angrypirate

Why do you think the term "Champagne Socialist" was coined.

wotsthat

Wookster wrote: »

After all those comments on being moral and paying your share of tax it seems that Ed is using a basic (but legal) means of reducing his tax liabilities.

How has he reduced his tax liabilities? The option is there for the future but he's already said he won't be doing this - sounds like he's climbing to the moral highground to me at his own personal expense.

Stupid if you ask me - why pay more tax than you need to?

MobileSaver

Wookster wrote: »

After all those comments on being moral and paying your share of tax it seems that Ed is using a basic (but legal) means of reducing his tax liabilities.

I do not understand the point of your post? Are you suggesting he is being immoral and not paying his share of tax? Any evidence to support this?

YoungBusinessman

Why pay more tax if you legally don't have to? Would you?

Generali

YoungBusinessman wrote: »

Why pay more tax if you legally don't have to? Would you?

I think the point is that many in the Labour party deem 'tax avoidance' to be immoral. Clearly tax avoidance is just paying tax in the way mandated by the Government but some people don't see it that way.

chewmylegoff

wotsthat wrote: »

How has he reduced his tax liabilities? The option is there for the future but he's already said he won't be doing this - sounds like he's climbing to the moral highground to me at his own personal expense.

Stupid if you ask me - why pay more tax than you need to?

i'm a bit confused too as it appears that he doesn't even own any properties now. yes he has made money out of receiving an inheritance and riding the property boom, as many others have, but i'm not really sure what the relevance of the comments about nominating separate properties as primary residences is.

if they originally lived in separate flats then those are separate primary residences. they have now moved into one house which is all in her name so he doesn't have any houses to nominate as his principal residence for CGT purposes...

Wookster

YoungBusinessman wrote: »

Why pay more tax if you legally don't have to? Would you?

I thoroughly agree. What is hypocritical is Ed taking a huge stand against tax minimisation when he does the same himself.

CLAPTON

curious

Ed lives with a lady called Justine Thornton who is also known as Justine Milliband after her marriage on 27/May/2011.

Graham_Devon

I don't believe theres much wrong with what he has done.

However, not opting to have his name on his childs birth certificate is a little weird.

PasturesNew

CLAPTON wrote: »

curious

Ed lives with a lady called Justine Thornton who is also known as Justine Milliband after her marriage on 27/May/2011.

Some girls have a thing called a career .... and they keep their professional name as that's what they're known by .... but privately they go by the name of Mrs .....