How to protect your assets under a Corbyn government

Glen_Clark

It doesn't really concern me because I suspect its just the Tory dominated press scaremongering about what would happen under a Corbyn Government.

zagfles

A_T wrote: »

put your money in an ISA

Who's to say they'd preserve the tax free status of ISAs? They might conisder a £1k savings allowance and a £2k dividend allowance enough for ordinary savers. They'd even have a point!

A_T

zagfles wrote: »

Who's to say they'd preserve the tax free status of ISAs? They might conisder a £1k savings allowance and a £2k dividend allowance enough for ordinary savers. They'd even have a point!

ISA owners would riot on the streets if the tax free status was removed!

longleggedhair

The best way to protect yourself is to make sure it doesn't happen. Make sure you use your vote against the Labour Party, (in most constituencies the only vote that will count against Labour is a vote for the Conservatives) and make sure family and friends do the same.

Personally I don't think it will happen. Yes there are the unemployed and naive who will vote Labour, and now Mr Corbyn has the backing of the vast majority of the growing Muslim vote, however most ordinary sensible people would never back him so I think we should be ok.

zagfles

Heng_Leng wrote: »

I'm not fan of Ms May or Mr Corbyn but what are you expecting him to do?

Introduce the "Tobin tax", which would hit London's financial services industry which has already been damaged by Brexit, resulting in losses in tax revenue rather than increases.

Introduce a wealth tax, likely to include housing and possibly pension wealth.

Reduce confidence in the UK economy, resulting in the pound and the UK's credit rating plummeting, meaning imports are more expensive and inflation rising (as it already has with Brexit), and the interest the govt has to pay on borrowing increasing. Meaning more tax rises are needed.

Pure speculation of course. It might be that everything will be fine and dandy and the prols will live much happier richer lives without the bourgeoisie pig-dogs creaming off the profits to buy Rollers and quaff champagne and caviar.

EachPenny

buffman wrote: »

Does anyone have any advice of how to protect ones assets if this were to happen, particularly against a possible wealth tax?

How about crowdfunding the purchase of a British Virgin Island?

Or perhaps hope Virgin Money start giving away shares in one in lieu of pie vouchers?

zagfles

A_T wrote: »

ISA owners would riot on the streets if the tax free status was removed!

I doubt it. They'll just write a strongly worded letter to the Times.

ISA tax advantages aren't that great. Cash ISA interest rates are pathetic so it hardly matters. Investment ISAs can't reclaim dividend tax credits so there's no advantage to a basic rate taxpayer who's within the dividend allowance. Other than capital gains, which can usually be avoided by selling in stages to use up the allowance.

It wouldn't get me rioting. There are far worse things they could do (and are likely to IMO).

grey_gym_sock

labour would run the economy more competently than the tories.

we need more public investment. they'll do that.

we need more money in the hands of people on low and middle incomes (who'll spend most of it), instead of in the hands of people on high incomes (who put most of it in BTLs or the stock market, which pushes up asset prices). labour will end the 7 years we've had of falling public sector pay (in real terms). and help push up private-sector pay, by introducing a real living wage, and banning zero-hours contracts. and will tax wealthier people a little more.

all that will make the country as a whole better off. if you're wealthy, it is a bit swings-and-roundabouts, because the businesses you own shares in will be making more money (because most people have more money to spend), but on the other hand will be paying a bit more tax on those higher profits. for most people, it's a clear win.

austerity has done huge damage to the economy. it makes no sense. it needs to be ended.

markets will recognize that, so actually the pound is likely to rise if labour get in. (despite most people who work in finance probably voting tory.)

also, labour would not be heading us for a chaotic, no-deal kind of brexit. (it's not clear exactly what kind of brexit they would be heading us for, i have to say, but at least not for that kind.) the tories may well be heading us for that. or maybe not. but they haven't ruled it out. and that would be real economic incompetence.

BTW, a "tobin tax" is an obviously sensible idea. a very broad range of economists who've looked at the idea agree - not just the more left-wing ones. the point is more to dampen down speculation, which can be (and has been) very dangerous. but it would also raise a significant amount of tax. though it's unclear precisely how much, since transaction levels would reduce when it's introduced.

Rheumatoid

longleggedhair wrote: »

Personally I don't think it will happen. Yes there are the unemployed and naive who will vote Labour, and now Mr Corbyn has the backing of the vast majority of the growing Muslim vote, however most ordinary sensible people would never back him so I think we should be ok.

I think something similar was said about exiting the EU :rotfl:

kidmugsy

longleggedhair wrote: »

Make sure you use your vote against the Labour Party

Of course it's the duty of every honest citizen to vote against Mr Corbyn's Labour Party, but he'd find it easier if the other parties were rather less shambolic or repellent.