This one has been touted about for years and ultimately I do believe it will become a reality - sooner rather than later. There is a growing attack on 'wealth' , which to the govt and the average joe means anyone with a £50k salary, a 3 bed semi and a 2 year old Mazda on lease is within scope.
What they could follow is the 'wealth' taxes being proposed in the US, which targets those earning over $400k and even then with only a 39% marginal rate of tax compared to our 45% rate (not withstanding the 60% effective rate at 100k). For some reason the UK loves to penalise its citizens so much more.
But anyway, you can only plan so much. If you are ready to cash out then do it sooner rather than later, so that you at least are clear on the taxation rules at this time. If you want to bank your gains then MVL and go permie for 2 or 3 years.
But remember, a change to CGT might not mean a change to BADR. Logically there might well be an increase on the 10% rate, but govt have already nerfed ER/BADR quite a lot these past few years.
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Reply to: CGT Increase and MVL impact ?
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Previously on "CGT Increase and MVL impact ?"
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Originally posted by NowPermOutsideUK View PostIf it does change there will be time for people to cash out and plan their affairs before it’s effective date
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If it does change there will be time for people to cash out and plan their affairs before it’s effective date
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I think it might stay the same or go up, but definitely won't go down.
Speculative enough?
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>>>>>> Yes it will increase......
Why on earth do you value speculation on here?
>>>>>> It might increase........
Why on earth do you value speculation in the Daily Express? What does the Torygraph say?
>>>>>> BADR might be reduced...... Pension allowance might be reduced.... Increases in tax revenue due to inflation, particularly energy price inflation, might mean no tax rises are needed.
It's beyond your control anyway.
>>>>>> It definitely won't increase.
I think that covers it.
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CGT Increase and MVL impact ?
Hi all,
Any speculations around whether the rate of Capital Gains Tax would be brought inline with Income tax after the 27th October budget? (assuming the armageddon scenario of changes from 28th Oct)
Thinking specifically about MVL here incase one gets a percentage of distributions before the change and the rest later.
Before you shoot, speculations triggered by the most respectful Daily expressTags: None
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