Capital Gains Tax - Government Petition

dave_a_5

Hi All,

Given the recent credit crunch and mortgage crisis, i was considering cashing in investments and paying off chuncks of my mortgage, but as a higher rate tax payer, i don't fancy giving the taxman 40% (after 9200 allowance).

Then watching the PM on the telly and basically trying to force the banks to pass on the lower interest rate was a bit bizarre, the banks are a business, so they don't have to pass on any changes.

Why don't the government put their hand in their pocket for a change? After all they have received *alot* of income tax from me over the years.

So i thought start a petition and see what they have to say for themselves.

Check it out here; http://petitions.pm.gov.uk/CGT-Relief/

Please support my petition and see if we can get some relief!

Cheers,
Dave

adamuk73

dave_a wrote: »

Hi All,

Given the recent credit crunch and mortgage crisis, i was considering cashing in investments and paying off chuncks of my mortgage, but as a higher rate tax payer, i don't fancy giving the taxman 40% (after 9200 allowance).

Then watching the PM on the telly and basically trying to force the banks to pass on the lower interest rate was a bit bizarre, the banks are a business, so they don't have to pass on any changes.

Why don't the government put their hand in their pocket for a change? After all they have received *alot* of income tax from me over the years.

So i thought start a petition and see what they have to say for themselves.

Check it out here; http://petitions.pm.gov.uk/CGT-Relief/

Please support my petition and see if we can get some relief!

Cheers,
Dave

Correct me if I am wrong but hasn't CGT been reduced to a flat rate of 18%?

dave_a_5

I hope you are right! it would be worth the tax hit to pay off my mortgage!

This is the second time i have heard this, but the last time someone else came in and said no that was for something else and 40% still stands (for this in upper tax band).

However, looking at the HMRC website and the CGT reform bill, it does read as if 18% is correct.

And AHD says tax doesn't have to be taxing! whos he trying to kid....

more investigate required.

Cheers adam

CLAPTON

the rate is indeed 18%

the CGT allowance is 9,600

perhaps you could add your reasons why you think the tax reduction should only go to people repaying their mortgage rather than e.g

first time buyers cashing investments for a deposit

elderly people cashing investments to pay care fees

young parents cashing their investment to pay the costs fo bringing up their children

.... and I'm sure their are a lot more deserving causes.


also as the government doesn't actually have any money... its all tax payers money, which taxes would you like to go up to pay for it... 2p on income tax, a couple of p on petrol.. whats your choice.

RayWolfe

Democracy is a wonderful thing but should there be some sort of test before the cranially challenged are allowed to participate?