9% CGT up to £750k?

[MrRobin]

Could be a winner! Fingers crossed Darling will pull something out of the bag for the little guy.

Business leaders still expect ministers to scarp CGT taper relief from 1 April 2008 and set a single 18% rate.

But the government is also tipped to halve the rate to 9% on gains of up to £750,000, to help small firms.

Linky

[Pickle2]

Yeah, after forcing all those company windups to get his mits on his share of all that retained profit, he changes his mind.

Nice job.

[BankingContractor]

Does that mean you can close the company down, and only pay 9%, or do you actually **have** to sell the company to get the 9% rate?

[DimPrawn]

Closing my company very soon.

[tim123]

I really do get (very) annoyed when people spin their position to the greatest extreme.

How the **** is having to pay 18 grand tax on 100 K of profit "potentially ruinous", it's a ludicrous suggestion, you've still got 82 grand left.

How is it the slightest bit possible to be "ruined" by having in your pocket, 82 grand that you didn't have yesterday.

tim

[DimPrawn]

I really do get (very) annoyed when people spin their position to the greatest extreme.

How the **** is having to pay 18 grand tax on 100 K of profit "potentially ruinous", it's a ludicrous suggestion, you've still got 82 grand left.

How is it the slightest bit possible to be "ruined" by having in your pocket, 82 grand that you didn't have yesterday.

tim

Hear hear Comrade.

[techno]

I really do get (very) annoyed when people spin their position to the greatest extreme.

How the **** is having to pay 18 grand tax on 100 K of profit "potentially ruinous", it's a ludicrous suggestion, you've still got 82 grand left.

How is it the slightest bit possible to be "ruined" by having in your pocket, 82 grand that you didn't have yesterday.

tim

Next you will be saying "...come the revolution..."

[Pickle2]

Shout 99 suggest the 750k is a lifetime limit.

http://www.shout99.com/contractors/s...le.pl?id=48792

Its barely 4 years on the dot net gravy train!!

[Andy2]

I really do get (very) annoyed when people spin their position to the greatest extreme.

How the **** is having to pay 18 grand tax on 100 K of profit "potentially ruinous", it's a ludicrous suggestion, you've still got 82 grand left.

How is it the slightest bit possible to be "ruined" by having in your pocket, 82 grand that you didn't have yesterday.

tim

correctme if I am wrong but you pay this 18 grand after having already paid 20k corp tax . So its basically 40% tax

[tim123]

correctme if I am wrong but you pay this 18 grand after having already paid 20k corp tax . So its basically 40% tax

No?

Perhaps if you do the "close down the company and extract the money that's in it" trick, but the complainers aren't in that camp.

They're people who have run (what HMG considers) 'real' businesses that now have a 'goodwill' value, and when the owner retires he sells it off for let's say 2 million, all of which is Capital Gain. So they are complaining about only being able to keep 1.6 million instead if 1.8 million.

OK, 200 grand is a lot of money, but when you just gained a mil an half, can you really tell the difference?

And don't forget, there are an awful lot of winners here. There are lots of BTLers (and small shareholdres) who will now have to pay 18% CGT when previously they would have paid, 40 or 38 or 36%. Are these people shouting about how unfair the change is?

ISTM stupid for AD to give the losers back what they have lost, and allow the winners to keep their winnings. He should have just done nothing.

tim