Are contractors going to be "tax winners"?

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TimberWolf replied

14 May 2010, 11:56
Originally posted by cojak View Post

no, but provided the tax system is fair and reflects the risks that contractors face (6 months on the bench and not a penny taken from public coffers), i wouldn't mind paying.

wcs
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BlasterBates replied

14 May 2010, 08:37
Originally posted by Moscow Mule View Post

Is there withholding tax on CGT liable transactions?

If not, you can go somewhere nice & warm and sell your shares from there with no tax to pay...

Well that´s what I will have to do. It´s not so much the pension though that´s a long time away, and as you say I can go somwhere sunny, it´s if I want to trade the shares in for a house, that´s when I´ll take the hit. The other thing is I don´t want to sell them in one lump, I want to sell them as I need the money, i.e buy a house, and hold back funds for my pension. About 50% Í´m keeping for a house and the other 50% is my pension, and if I retire in Britain with a house I don´t necessarily want to go and live in Bermuda, just to avoid tax.

Reducing the CGT was the one single great thing Labour did, and then they go and reverse it.

Oh well

Last edited by BlasterBates; 14 May 2010, 08:41.
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Moscow Mule replied

14 May 2010, 08:29
Originally posted by BlasterBates View Post

In 5 years I will be voting labour just to make sure that everyone else gets an appropriate tax increase to match mine, and no I´ll be spending my retirement else where.

Is there withholding tax on CGT liable transactions?

If not, you can go somewhere nice & warm and sell your shares from there with no tax to pay...
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BlasterBates replied

14 May 2010, 08:14
Well my pension is basically in my own private investments in shares (I don´t trust banks), so I´ll be hit by the 40% tax rate, that´ll make it difficult for me to get a house in the UK unless house prices drop significantly, and it´ll hit my pension.

In 5 years I will be voting labour just to make sure that everyone else gets an appropriate tax increase to match mine, and no I´ll be spending my retirement else where.

That´ll teach em...

Last edited by BlasterBates; 14 May 2010, 08:27.
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cojak replied

14 May 2010, 07:41
No, but provided the tax system is fair and reflects the risks that contractors face (6 months on the bench and not a penny taken from public coffers), I wouldn't mind paying.
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Fred Bloggs started a topic Are contractors going to be "tax winners"?

14 May 2010, 07:27
Are contractors going to be "tax winners"?

Under the new Con/Lib government, will we be better off because we pay low salary and divis?

Linky - discuss.
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