Predictions for capital gains tax at next budget

Wiley82

Not sure if this has been discussed, but hearing capital gains tax could be raised to 40% April onwards, but also reading articles people trying to put Sunak off doing this.

Interested to hear predications by the people on MoneySavingExpert. Are we going to see a 40% CGT rise or do you think he will hold back whilst we are still in the middle of the pandemic?

Thrugelmir

Tax revenues need to be raised.  Those fortunate enough to have made capital gains from rising asset prices are unlikely to have been materially impacted financially by the pandemic. Now is a good time to reform. As difficult to argue against. 

Old_Lifer

It's not just the rate of tax,  he may decide to reduce the allowance too.

It's only  3 weeks to the Budget (3rd March) so not long to wait and then we will know what may or may not happen.

dunstonh

In a number of other Western democracies, capital gains are added to income and taxed accordingly.    So, you cannot rule that out.

TBC15

dunstonh said:

In a number of other Western democracies, capital gains are added to income and taxed accordingly.    So, you cannot rule that out.

Well that cheers me up.

jaybeetoo

I can’t see the point in speculation.  Just wait and you’ll find out with the rest of us.

dunstonh

jaybeetoo said:

I can’t see the point in speculation.  Just wait and you’ll find out with the rest of us.

The media has an awful record of getting things right with budget predictions.   Including the year it was something like "13 things you will see in this year's budget" and not one of them were present when it came.

talexuser

I'm using up my 12300 before April anyway, as I do every year, but this year there is an additional "just in case".

happybagger

Idle speculation of course, but I suspect nothing dramatic will happen regarding CGT this year (although he may announce something for April 2022)

If only there was a way of only taxing the lockdown fans for the cost of lockdowns, like there is taxing smokers for smoking

dunstonh

If only there was a way of only taxing the lockdown fans for the cost of lockdowns, like there is taxing smokers for smoking

Maybe by taxing the anti lockdown fans that keep breaching lockdown and prolonging the lockdowns.

Thrugelmir

dunstonh said:

If only there was a way of only taxing the lockdown fans for the cost of lockdowns, like there is taxing smokers for smoking

Maybe by taxing the anti lockdown fans that keep breaching lockdown and prolonging the lockdowns.

Or those that refuse vaccination. As there'll be the ones being the drain on the NHS ultimately.