Tax tax tax, spend spend spend spend spend..

[Ruprect]

I was. Will speak to my accountant.

"It is not just high-flyers who will be affected by Mr Darling's clampdown on tax loopholes in a bid to bolster the Treasury's coffers.

He also intended to tackle small family businesses which distribute profits among relatives, and stop couples minimising the higher earner's tax liability by paying dividends to a lower-earning spouse. "

Them bad people, the small business people. Tax them till they give up and sign on the social.

i.e. he didn't actually do anything about S660 (this time)? Anyone heard anything else? The missus becomes sharehold right away if he hasn't.

[Ruprect]

Nice, if true.

How'd you figure? Or is this just sarcasm?

[Ruprect]

http://www.bbc.co.uk/blogs/thereport..._measures.html

"are a couple of eye-catching measures of significance for investment and business in the pre-Budget report.
The first and most important is a simplification of capital gains tax. And it seems to be a bold simplification. It looks as though there will be a single CGT rate of 18 per cent. No more tapers depending on how long assets are hold. No more distinction between so-called "business" assets and non-business assets. Just a single rate of 18 per cent.
That would be a great benefit to most people who buy and sell shares or other assets. But it will mean that private equity and those who own shares in their own companies will pay a higher rate of tax - because the 10 per cent rate for them, payable if they hold their assets for two years, will go.
Anyway, don't get carried away with excitement. It is a tax raising measure - and will raise between £700m and £800m a year."

Oh, and he's also addressed S660 so basically F*ked us all over.

[Ruprect]

http://news.bbc.co.uk/1/hi/business/7036033.stm

http://news.bbc.co.uk/1/hi/business/7036033.stm

This is an enormous change. Those people with business assets may pay almost twice as much tax as they can currently expect to do.

[Pickle2]

yep, for those not splitting divs this is an increase of 8% in the tax man's take from your daily rate. On top of the 2% corp tax increase in the budget rough news.

Those who split divis will lose more.

[King Cnvt]

And if you drive a "gas guzzler" you are truly fecked.

Any car that looks like it is posh and may upset the masses, is to face an annual "showing off" tax of £5K a year, a communist party spokesman said today.

[Iron Condor]

They are closing all the low tax 'loopholes'.
No doubt in a few years they will introduce NI on divis from small companies.

[Andy2]

yep, for those not splitting divs this is an increase of 8% in the tax man's take from your daily rate. On top of the 2% corp tax increase in the budget rough news.

Those who split divis will lose more.

I don't understand how those who split divis will pay more

[Ruprect]

At least your taxes aren't being wasted:

"By 2010, there will be £460M spent on the British Council, the BBC World Service and the launch of BBC Farsi and Arabic TV channels. "


ARRRRRGGGGGHHHH!!!

[TheFaQQer]

If it makes you all feel better, I'm working on a government project, so I'm taking out FAR more than I put into the system.