CGT

[kanrent]

Well seems like the chancelor will introduce a wealth tax by increasing CGT so much for a tory government 

[Richlist]

Yes I read that in the press today. Seems there is a suggestion they are looking at CGT with a view to raising rates in line with income tax. They took a very close look at inheritance tax last year but no changes were proposed. ......

So:

18% would rise to 20%

28% would rise to 40%

Ouch !

However, I suspect with an increase as high as that there will be caveats e.g. they may allow transfer of property to family members at a lower or nil rate as a sweetner.

Should those increases happen, I just did a quick calculation on the CGT payable by comparison on a small flat i am hoping to sell at the end of this year/ early next year. On £170K sale price my CGT bill would rise by £9000.

[kanrent]

2 hours ago, Richlist said:

Yes I read that in the press today. Seems there is a suggestion they are looking at CGT with a view to raising rates in line with income tax. They took a very close look at inheritance tax last year but no changes were proposed. ......

So:

18% would rise to 20%

28% would rise to 40%

Ouch !

However, I suspect with an increase as high as that there will be caveats e.g. they may allow transfer of property to family members at a lower or nil rate as a sweetner.

Should those increases happen, I just did a quick calculation on the CGT payable by comparison on a small flat i am hoping to sell at the end of this year/ early next year. On £170K sale price my CGT bill would rise by £9000.

I did read they are also thinking about abolishing the 12k relief 

[Richlist]

My day keeps getting worse !

[Carryon Regardless]

The usual worry of over taxation is if investment money will flow out to other more attractive (taxwise) countries. That only helps those with investments here if the UK wishes to remain somewhat competitive.

What is less easy to learn of is how much financial assistance is being given by other countries during Covid by comparison to us. That is how much will they have to claw back by increased taxation?

The forecast of the future 'wherever' is going to be about more than the obvious tax hikes, everything is going to be costing more as the cost of living rises. The indirect taxation is going to empty our pockets more in my view. 

If only I had become a hairdresser in Greece. I would be retired on a full pension by now. and wouldn't have paid tax in the first place. There's some good sailing there too, but the skiing's cr*p.