Previous UK government ‘covered up’ financial turmoil ahead of election

[I'm With Stupid]

What you pay it on​

You pay Capital Gains Tax on the gain when you sell (or ‘dispose of’):

• most personal possessions worth £6,000 or more, apart from your car
• property that’s not your main home
• your main home if you’ve let it out, used it for business or it’s very large
• any shares that are not in an ISA or PEP

I wouldn’t say owning assets above £6k can be defined as being rich….nor having shares outside an isa or pep..

The way I read that is individual possessions worth over 6k. Presumably aimed at stuff like art, jewellery, watches, etc. I don't think I own anything worth over 6k by itself.

 

[mosssideblue]

They would have had a general idea without knowing details I would have thought….

A general idea yes, but he did say there were hidden extras

 

[SebastianBlue]

What you pay it on​

You pay Capital Gains Tax on the gain when you sell (or ‘dispose of’):

• most personal possessions worth £6,000 or more, apart from your car
• property that’s not your main home
• your main home if you’ve let it out, used it for business or it’s very large
• any shares that are not in an ISA or PEP

I wouldn’t say owning assets above £6k can be defined as being rich….nor having shares outside an isa or pep..

Who was defining being rich as “owning personal possessions above £6k”?

Did you mean to respond to someone else?

My comment was referring to the ploy of making people that will never reach a level of wealth that CGT or any other tax policy targeted at the top wealth deciles would have any measurable impact believe that they will one day be wealthy and thus should oppose any rise in taxation on the wealthy.

 

[kaz7]

No. But my 90 year old mother-in-law is going to be very cold in the coming winters...

Claim pension credit for her , it is an very unclaimed benefit and the gov are doing a push on it , rightly so

 

[DenisLawBackHeel74]

The way I read that is individual possessions worth over 6k. Presumably aimed at stuff like art, jewellery, watches, etc. I don't think I own anything worth over 6k by itself.

It’s from the Govt website so no idea …

 

[mosssideblue]

The winter fuel allowance has gone then. Unless you are on benefits of course.
Reeves is Margret Thatcher in disguise.

And whose fault is that exactly?

 

[Saddleworth2]

after the decades of gaslighting, incompetence, dishonesty, corruption and downright nastiness of the last Government I find it astonishing the numbers that still come on here attacking the new Government. Action is needed and not all of it will be palatable. The alternative is as a country we continue to spiral downwards into the pit the Tories have crafted.

 

[mosssideblue]

She's pulled the winter fuel allowance. Millions of people will now be dreading the winter.
Admit it, even it pains you.

I lost it but fully understand the need why she needs to raise money.

 

[Mazzarelli's Swiss Cheese]

The rising wealth inequality, primarily fuelled by property and equity acquisitions and speculation also had the consequence of seeing real tax contribution fall for the top wealth deciles (which is the tax contribution if the additional wealth had been income instead of assets).

Now, after Labour’s win, there is a a considerable market for tax avoidance services for the wealthy, including scheme for offshoring asset holdings.

In the interest of disclosure, I would be considered within the top 30% (even after my early forced retirement), and even I know my taxes are far, far too low, especially on my assets. I don’t employ any sort of intentional tax avoidance schemes, primarily because I am strongly ethical opposed to them as I see them as one of the reasons we are in this mess in the first place, but I also haven’t been paying more than my tax obligations, either. And that’s because I wasn’t going to give the Tory government a pound more than I was obligated to and watch them or their puppet masters pocket it at the determined of the country.

I will, however, gladly pay higher taxes if Labour are able to institute them and it is obvious they are being used responsibly. That is especially the case if they could relieve the burden on those in the lower wealth deciles who are really struggling with the cost-of-living crisis.

I can’t take it with me, as I’ll likely see sooner than than later, and my family doesn’t need more.

But many others do, because they have been harmed by the last 15 years of incompetent, corrupt governance.

Avarice is the root of much of the evil in the world today and the Tories have been a diabolical example of it.

I think there is an element of economic sleight of hand going on with the tax bands remaining the same for so long. The triple lock looks like it will now put pensioners into the top band, and 30-60k is now where a lot fairly ordinary earners sit. My own job now puts me firmly in the 40p tax bracket whereas it was nowhere near that 10 years ago. Granted wages have gone up but nowhere near as much as prices and property so we are all getting poorer in real terms.

 

[jazzy]

Agreed. Only way is to means test it but not sure how you would o that.

The admin costs to make it means tested would outweigh the savings, it has been looked at and costed previously