DOOM: CGT DOOM: CGT
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  1. #1

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    “ UK capital gains tax overhaul urged in review

    Losers would be those who hold second homes or assets outside vehicles such as ISAs

    The annual allowance on capital gains tax in the UK would be slashed and CGT rates would be closer to those of income tax under a far-reaching review commissioned by Rishi Sunak, the chancellor, that has potential to raise billions of pounds for the Exchequer.

    The Office of Tax Simplification, a statutory body, on Wednesday published a highly anticipated report into CGT that concluded the current rules were “counter-intuitive” and created “odd incentives” in several areas.

    The losers from the proposals would be wealthy individuals who hold second homes or assets outside tax-favoured vehicles, such as Individual Savings Accounts. It would also hit the owner-directors of small companies, who often hold cash within their businesses for use as a pension when they retire.”

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    Folks like me without owning a home should benefit from the taxes of those greedy property speculators
    "Never argue with stupid people, they will drag you down to their level and beat you with experience". Mark Twain

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    Quote Originally Posted by scooterscot View Post
    Folks like me without owning a home should benefit from the taxes of those greedy property speculators
    Why should someone not paying UK taxes and who lives in Germany benefit from the UK tax system?
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    Quote Originally Posted by scooterscot View Post
    Folks like me without owning a home should benefit from the taxes of those greedy property speculators
    Post of the Year.
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    As I'm not subscribed to FT, when might this be coming?

    Suddenly the idea of closing down my Ltd seems more and more appealing.

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    Quote Originally Posted by dsc View Post
    As I'm not subscribed to FT, when might this be coming?

    Suddenly the idea of closing down my Ltd seems more and more appealing.


    Bringing CGT inline with income tax. If you follow that line of thought then IR35 will be scraped and div's will be taxed as income if its your main source of income...
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    Quote Originally Posted by BlueSharp View Post
    Bringing CGT inline with income tax. If you follow that line of thought then IR35 will be scraped and div's will be taxed as income if its your main source of income...
    Pretty sure this is how they treat CGT in Aus, where I lived for a while. It makes a certain amount of sense, although I never seem to manage to take advantage of any of these tax rorts before they get taken away. UK CGT allowances are actually pretty generous, especially when you consider the existence of ISAs as well. As far as our Ltd companies go, if the Entrepeneurs' relief stays at £1m that should cover most people. Divs are virtually taxed as income now anyway, what's the allowance now? Outside IR35 is more about the employer's NI. The real kicker for me will be if they do away with higher rate tax relief on pension contributions and/or lower the annual limit - they've been mooting that for years, and they really need the money now.

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    Quote Originally Posted by BlueSharp View Post
    Bringing CGT inline with income tax. If you follow that line of thought then IR35 will be scraped and div's will be taxed as income if its your main source of income...
    They won’t scrap IR35 because in 10 years they’ll drop CGT again or make it much more complicated (like now)

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    Quote Originally Posted by Mordac View Post
    Post of the Year.
    You are laughing, but guess what CGT is like in Germany?


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    Quote Originally Posted by AtW View Post
    You are laughing, but guess what CGT is like in Germany?

    It's almost like Scooty doesn't know the tax set up in Germany and is more interested in the set up in the UK .... as if he doesn't really live in Germany Given all his other lies, this wouldn't surprise me in the slightest.
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