Budget 2016

kabayiri

mwpt wrote: »

Corbyn's attack feels toothless.

It's like he has been hit with a machine gun style wave of changes, and is left with taking random pot shots back.

The tactic of throwing everything bar the kitchen sink is working I think.

chucknorris

michaels wrote: »

Umm - except that it remains unchanged for residential property...

I missed that bit, are you sure? I am looking online now. You are correct I just replayed it.

mwpt

chucknorris wrote: »

I missed that bit, are you sure? I am looking online now.

He said "except for residential property". I can only assume this directly means property owned by landlords because OO residential property doesn't attract CGT, right?

kabayiri

Why restrict the lifetime ISA to under 40?

Is it so that he can raise the age limit in future budgets to respond to public demand?

chucknorris

mwpt wrote: »

He said "except for residential property". I can only assume this directly means property owned by landlords because OO residential property doesn't attract CGT, right?

That is correct

Bluebirdman_of_Alcathays

https://www.gov.uk/government/publications/changes-to-capital-gains-tax-rates

adonis10

No mention of the new stamp duty levy on additional properties?

kabayiri

michaels wrote: »

Sugar tax - sweet

..addressing the obesity issue

...the elephant in the room eh? (I wasn't looking at certain Tory MPs when I typed this, honest!)

Bluebirdman_of_Alcathays

adonis10 wrote: »

No mention of the new stamp duty levy on additional properties?

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/508272/GuidanceNote_Final.pdf

Grace period extended to 36 months if there is an overlap, and corporates are no longer excluded, but otherwise unchanged (I think)


Correct link now attached.

chucknorris

Bluebirdman_of_Alcathays wrote: »

https://www.gov.uk/government/publications/changes-to-capital-gains-tax-rates

Interesting! It states:

This measure reduces from 6 April 2016 the 18% rate of CGT to 10% and the 28% rate of CGT to 20% for chargeable gains, except in relation to chargeable gains accruing on the disposal of residential property (that do not qualify for private residence relief), and carried interest.

I wonder what that means when you have lived in a property and rented it out, because in that situation you claim a pro-rata private residence relief. A possible loophole, but I'm not overly optimistic.

From the policy paper:

https://www.gov.uk/government/publications/changes-to-capital-gains-tax-rates/changes-to-capital-gains-tax-rates

Disposals of residential property and carried interest will be charged at the same rates as they are currently.

So I don't think any loophole will exist for properties that have been let, but also been a main residence too.

I should be happy really because it was tipped form some sources that CGT might be increased, so status quo was what I was hoping for, although for all of about 20 mins I thought that it has been cut.

Good news about the £20k ISA's though.