Gov allowing tenants to buy PRS housing

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    Originally posted by DPT57 View Post
    I just heard on the 6pm news that what did make it into the Labour manifesto is a pledge to raise CGT rates to be the same as income tax, ie up to 50%
    Which is very bad news, personally (although I don't think they can win with enough of a majority to deliver this kind of thing).

    On the other hand, before I had any property, I could never understand why income from investment was taxed lower than income from work. It's all income.
    The reason seems to be that richer people have capital and poorer people work and rich people run the country.

    Originally posted by Berlingogirl View Post
    If I put my houses in both mine and for each house, one of my children, will that affect CGT?
    You'd get a higher allowance (one each), assuming that stays the same, and, if the proposal is to tax CGT at the income tax rate it might be lower for some of you.
    But transferring the property might trigger CGT "now".

    If you put them into a company, the gain is income to the company, which is taxed at corporation tax rates (which will be 26% under labour). SO that might be appealing to a higher rate tax payer (but you've still got to get the money out of the company again!).
    When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
    Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

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      CGT is paid on more than the gain nowadays, as there is no allowance for inflation. Therefore I think charging at less than income tax is at least slightly fairer.

      If the government push it up any more, they'll completely stall the housing market. I won't be selling any of mine, even under the present rules.

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        I can't see a Labour government getting enough of a majority to get the kind of radical stuff they're proposing done.
        They'd need to lose Corbbyn, which would probably move them to the right.

        The housing market would be in a mess anyway - if anyone actually built the number of homes they keep promising, prices would fall and people wouldn't sell anyway.
        When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
        Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

        Comment


          Originally posted by JK0 View Post
          CGT is paid on more than the gain nowadays, as there is no allowance for inflation. Therefore I think charging at less than income tax is at least slightly fairer.
          Yes, but of course, so it is with tax on building society interest (mostly) which also just keeps track with inflation if you are extremely lucky.

          Fact is that massive and sustained inflation is exactly the way this sort of government extracts money from and punishes ordinary working people (i.e. the working class) until the thing collapses. Of course this type of government (Corbyn) is not there for the working class (or folk who live here) at all, and most certainly not for young people who will face devastation (apart from not getting Daddy's and Mommy's hard-earned cash either - or what is left of it).

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            This is a pretty good summary - watch the videos of the man himself and decide if you want a fascist in power http://markhumphrys.com/jeremy.corbyn.html

            Unfortunately the voters are as thick as two bricks (some of them appear in the videos too). I cry for my adopted country.

            Eternal vigilance is the price of liberty

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