UK Govt to review CGT & potentially decrease allowance

[Arongoldprog]

This just in:


https://www.ft.com/content/4ab1e675-bae4-4ff1-a0af-4b678a415ea3

Expert:

Quote

“With UK borrowing set to hit its highest level in peacetime history, chancellor Rishi Sunak’s request for a review of CGT feels like the starting pistol for a tax grab ahead of the Autumn Budget later this year,” said Tom Selby, senior analyst at platform AJ Bell. Mr Sunak could be contemplating aligning CGT rates with income tax rates as doing so would both simplify the tax system and raise additional funds, especially, if the annual CGT exemption of £12,300 is cut or abolished, Mr Selby said.

Will be really pissed if they cut CGT

 

 

[HerefordBullyun]

Thats why I will be just stacking Brits!

[Martlet]

A CGT rise would be politically acceptable, affects those with money more, aligning to income tax would widely be seen as fair.  Would be surprised if they altered the allowance though. Money will come from somewhere, this is as good a place to start. 

[Arongoldprog]

9 hours ago, HerefordBullyun said:

Thats why I will be just stacking Brits!

Doesn't make you safe, they could revoke the GCT free status of gold brits and we have seen before when they change the tax rules they apply it to everyone, even if you bought/made decisions under old rules. 

[5huggy]

1 hour ago, Arongoldprog said:

Doesn't make you safe, they could revoke the GCT free status of gold brits and we have seen before when they change the tax rules they apply it to everyone, even if you bought/made decisions under old rules. 

Dear mr HMRC - Aint got any left sorry - flogged em to guy in the pub 😉 and forget to get a receipt ! 👍

[Martlet]

50 minutes ago, 5huggy said:

Dear mr HMRC - Aint got any left sorry - flogged em to guy in the pub 😉 and forget to get a receipt ! 👍

Mr HMRC: Thank you for your time Mr 5huggy.  We will mark-to-market and calculate you owe us this amount, to be paid by this date. 

[5huggy]

2 minutes ago, Martlet said:

Mr HMRC: Thank you for your time Mr 5huggy.  We will mark-to-market and calculate you owe us this amount, to be paid by this date. 

But you need to show and PROVE  how much I have held! or see you in court 😉🤣

[Martlet]

11 minutes ago, 5huggy said:

But you need to show and PROVE  how much I have held! or see you in court 😉🤣

You're clearly not familiar with HMRC process... yes, you will be in court. 

[5huggy]

Just now, Martlet said:

You're clearly not familiar with HMRC process... yes, you will be in court. 

See you there then! 😉🤣🤣🤣🤣🤣🤣

[Kookaburracollector]

14 minutes ago, Martlet said:

You're clearly not familiar with HMRC process... yes, you will be in court. 

You are deemed to be guilty until proven innocent I think 🤔...not exactly the way you want it! Best not upset them..I love 😍 HMRC 💋 

[Goldhooked]

With HMRC, isn't it that YOU have to prove them wrong, rather than them having to prove they are right? 🤷‍♂️

[Arongoldprog]

2 minutes ago, Goldhooked said:

With HMRC, isn't it that YOU have to prove them wrong, rather than them having to prove they are right? 🤷‍♂️

Would not surprise me if that's the case 😂😭

[Martlet]

3 minutes ago, Goldhooked said:

With HMRC, isn't it that YOU have to prove them wrong, rather than them having to prove they are right? 🤷‍♂️

That is usually the case, until a high court tells them otherwise.

[Xander]

4 minutes ago, Goldhooked said:

With HMRC, isn't it that YOU have to prove them wrong, rather than them having to prove they are right? 🤷‍♂️

Correct! I know this from experience, unfortunately.

[5huggy]

Looks like I'm off to jail! 😪😉👍🤣🤣🤣🤣

 

 

[5huggy]

4 hours ago, Goldhooked said:

With HMRC, isn't it that YOU have to prove them wrong, rather than them having to prove they are right? 🤷‍♂️

BUT  - I "CAN SHOW" I have non in my house! 👌😜😉👍

[BrumChris]

Buying gold doesn't really support many jobs compared to investing in a business through shares. The Gov may well decide to apply pressure to try and force money out of gold by removing the tax free status. 

[Goldhooked]

2 hours ago, 5huggy said:

BUT  - I "CAN SHOW" I have non in my house! 👌😜😉👍

The problem is it could be the case that if HMRC say they believe you did have some and they believe you sold them for £x profit (some arbitrary figure they come up with), you would have to prove that you didn’t have any, or at least didn’t make as much profit as they say you did.  If you can’t prove otherwise you would have to hope that a court believes you over HMRC.

[MancunianStacker]

Let’s see if ISAs stay 100% tax free now.

Pension tax breaks too. 😱 

Plenty they can hammer before they touch income tax and P155 Off their newly acquired ex-Labour voters.

Also, much easier than trying to track down physical gold purchases and sales.

That’s my issue with investing for tax benefits that could quickly change.

[BrumChris]

11 minutes ago, MancunianStacker said:

Let’s see if ISAs stay 100% tax free now.

Pension tax breaks too. 😱 

Plenty they can hammer before they touch income tax and P155 Off their newly acquired ex-Labour voters.

Also, much easier than trying to track down physical gold purchases and sales.

That’s my issue with investing for tax benefits that could quickly change.

They've been reducing the pension tax breaks for a while. Bound to continue. Cash ISA have been pointless for a decade but stocks and shares are ripe for a raid.

No point trying to track physical gold already bought. Much easier to remove tax breaks and/or make all sales go through registered dealers who apply an appropriate tax. 

[Martlet]

8 minutes ago, MancunianStacker said:

Let’s see if ISAs stay 100% tax free now.

Pension tax breaks too. 😱 

Plenty they can hammer before they touch income tax and P155 Off their newly acquired ex-Labour voters.

Also, much easier than trying to track down physical gold purchases and sales.

That’s my issue with investing for tax benefits that could quickly change.

Cant see them touching ISA's they are aimed at encouraging small savers, at the outside lowering limit, maybe a life time limit.

Pension relief was in the sights of Javid and apparently done for him... or he didnt want to do it?  Never quite worked out which way it was supposed to be.  Aligning the relief to income correctly, effectively removing the 40% relief, would raise a double digit billions, no complaints from the masses and those affected wold carry on saving for retirement. If they are going for flat taxes with CGT, pensions should be right behind. 

[MancunianStacker]

11 minutes ago, Martlet said:

Cant see them touching ISA's they are aimed at encouraging small savers, at the outside lowering limit, maybe a life time limit.

Cash ISAs I agree but there are plenty of clients with 100s of thousands saved in S&S ISAs they could tax at a few percent.

A shovel load of 💩 coming our way for the next 10 years I feel.

[BrumChris]

11 minutes ago, MancunianStacker said:

A shovel load of 💩 coming our way for the next 10 years I feel.

You'll be lucky. This will take 25 years at least to pay back. 

[MancunianStacker]

22 minutes ago, BrumChris said:

You'll be lucky. This will take 25 years at least to pay back. 

Sorry I missed the extra zero, I meant 💯 😉 (or do I mean 250??). 😂 

[KevjustKev]

23 hours ago, 5huggy said:

BUT  - I "CAN SHOW" I have non in my house! 👌😜😉👍

"That's not your house anymore, this is.Got nice big walls, and love iron work on the windows, hasn't it"