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CGT Changes
Comments
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Gorgeous_George wrote: »You are Bruno and I claim my five pounds.
GG
SquatNow can't be Bruno GG - Bruno couldn't squat with an umbrella handle stuck up his @rse :eek: could he? :rotfl:0 -
This is great news for Landlords. Should give house prices the shot in the arm they need just as the interest rate cycle has peaked0
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It's a huge wodge of taxpayers money being given to people who didn't earn it.
No it's not. It's so that the govt can be seen to be applying higher taxes on private equity firms.
I suspect that if it's meant to have any impact on BTL at all, the idea is to get some LLs to crystalise some gains and thus pay some CGT. You only pay when you make a capital gain and you've not made a capital gain 'til you sell!0 -
Am I missing something here but this looks like a tax RISE for those on a low income.
At the moment £50K gain = £4,576 CGT Bill for a basic rate tax payer and £8,320 for a higher rate tax payer.
Now that same £50K gain = £7,344 GCT Bill for everyone.
And don't get me started on him "Doubling" the IHT threshold. Its already effectively £600K for a couple.0 -
Am I missing something here but this looks like a tax RISE for those on a low income.
At the moment £50K gain = £4,576 CGT Bill for a basic rate tax payer and £8,320 for a higher rate tax payer.
Now that same £50K gain = £7,344 GCT Bill for everyone.
And don't get me started on him "Doubling" the IHT threshold. Its already effectively £600K for a couple.
So the small-scale entrepreneur that keeps their money in the business to help it to grow gets shafted. That's an interesting point.
And all this so this shower can be seen to be doing something to increase tax rates on about 2-300 very rich people at the top of private equity firms.0 -
budget_counsellor_shaz wrote: »Squat now why don't you leave Britain if you hate it so much......Theres a whole wide world out there that may make you happier.
Property is much cheaper in most other countries!
Then eventually you'll come back because you'll realise Britain wasn't so bad after all!
So your saying that respectable inteligent professional people should leave the UK in order to allow a few BTL/BTS cretins to make lots of money they didn't deserve...?
You are aware of what BTL/BTS has done to our economy arn't you? You do know that it's forced all the manufacturers to move abroad?
LAND SPECULATION DESTROYS LIVES.
Even the Chinease government has started to see problems... one Chinease woman has made $40bn on the back of 2bn chinease people who live in poverty.Bankruptcy isn't the worst that can happen to you. The worst that can happen is your forced to live the rest of your life in abject poverty trying to repay the debts.0 -
No it's not. It's so that the govt can be seen to be applying higher taxes on private equity firms.
Why does taxing Private equity more fairly need to give a tax cut to property speculators?
Perhaps the numerous Labour MP's with second properties & BTL's fancy getting out at the top of the market without paying the full tax bill on the gains they have enjoyed under that last 10 years of boom.0 -
oh and not forgetting that this scheme to target 'private equity' will also adversly affect people who have built small business from scratch.... or
who give company shares to their employees so they can have ownership of the company they work for.
the CGT tax reforms will discourage long term investment & growth in businesses/property and instead encourages short term speculation... now what was it about private equity that people didn't like?0 -
RabbitMad makes a valid point. For a BTL LL who pays no tax or the lower rate, this is a tax increase. For a lower rate taxpayer, a taxable gain of £100K will incur a CGT charge of £18K compared to just £13.2K with maximum taper relief.
Of course, LLs may be tempted to sell before reaching the 10-year point (and maximising their taper relief). Even SquatNow will be happy that he can buy a place rather than living rent-free. He will enjoy dealing with Solicitors and EAs and paying Stamp Duty, council tax etc. Suddenly, Britain will be Great once more! Woo Hoo.
GGThere are 10 types of people in this world. Those who understand binary and those that don't.0
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