How to correctly gift shares to spouse, CGT changes

scoobyjones1

eskbanker said:

scoobyjones1 said:

eskbanker said:

scoobyjones1 said:

eskbanker said:

scoobyjones1 said:

eskbanker said:

scoobyjones1 said:

The big picture here is the way they have cut CGT allowance AND frozen the personal allowance at a time of huge inflation. This means now that the State Pension is just below the allowance and anyone that worked and tried to build themselves a better, private pension is being taxed again. The allowance is too low for everyone, including pensioners. I also find it amazing that people seem to justify this or just accept it. We are being clobbered for tax at a level not seen since WWII. Is no one else upset about that?!

I think the CGT cut and personal allowance freeze are two very different matters in terms of scale - the latter affects pretty much all taxpayers, but the former will impact on a much smaller population, and one that will sometimes be seen as fair game to be taxed more heavily than those considered less wealthy.

Obviously nobody likes paying tax, but equally the country's public services (and debt burden) need to be funded somehow - however, anyone under the impression that this government's policies are unfair or unreasonable will have the chance to cast their vote elsewhere next year, if they believe that'll improve the situation....

Well no matter what bribe or promises they give pre-election, I most certainly do not trust them and will not be voting for them. Hopefully the next Government will finally raise the Personal Allowance, when they get the economy growing again. At the moment you are taxed when you work, when you spend, when you save, when you retire and when you die. Have a good weekend!

I think you'll be in for disappointment if you expect elimination of any of those five categories, although maybe there'll be some tweaking or the mix will change (not necessarily to your advantage of course) - however, at the risk of labouring (!) the point, the most effective direct response is to make full use of the available tax wrappers....

Yes! You have laboured that point. Let's hope they don't diminish said tax wrappers next. I'm not confident...

Anything's possible, but out of curiosity, what fairer tax reforms would you favour, if we work on the basis that the total pot needs to be the same size?

No disrespect but that's another topic! Suffice to say they need to take the pressure off of low and middle earners, increase windfall taxes especially gas and oil and tech co's, stop the non dom loophole, close loopholes for private schools and similar, bring back profits from other projects like nuclear, railways in that these should be nationalised again rather than the vast profits going abroad...I could go on but let's see the extent of the mess left to deal with. Growth is dead and you may have to borrow more at first, to improve infrastructure and renewable energy sources to create better paid jobs. Well paid people spend more and bring money back into the economy.

Yes, as you say a wider topic, but your aspirations do seem to mirror those of the party likeliest to be governing, albeit focusing largely on the upsides!

Well the party least likely to get the gig will have had 14 years, mostly of austerity, cuts in public services and hidden tax rises. It has not worked, except for the few at the top....and they were doing pretty well before.

Reed_Richards

eskbanker said:

I don't think that the Truss saga fundamentally discredited the principle of economic stimulus!  The way she went about it, and the timing, and other circumstances, may have combined to produce an epic fail, but that doesn't extrapolate to a valid generalisation....

Sorry, I did not mean to imply in any way that the principle of economic stimulus was fundamentally discredited.  But in the UK now, any government wishing to try this approach would have to make it crystal clear that they had a means of doing so without repeating the mistakes of Liz Truss.  There would be doubt and worry about any economic stimulus plan, after the witnessing the "epic fail".

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