What are the Labour Party Capital Gains Tax Potential Increases?

Рет қаралды 7,921

UK Property Tax Accountants

Күн бұрын

Пікірлер: 77

@lkearney7299 4 ай бұрын

Most so called "gain" is inflation and no actual real gain at all. To then tax this devalued 'money' is an insult.

@UK-Property-Tax-Accountants 4 ай бұрын

A very sensible argument 👍

@sirrodneyffing1 3 ай бұрын

Absolutely.

@OneAndOnlyMe 3 ай бұрын

That's a weak argument though in practice because 2% is typically accepted as a norm. There will always be inflation, so a gain from inflation is still again.

@OneAndOnlyMe 3 ай бұрын

That's a weak argument though in practice because 2% is typically accepted as a norm. There will always be inflation, so a gain from inflation is still again.

@sirrodneyffing1 3 ай бұрын

@@OneAndOnlyMeGive me a break. Absolute BS. Manipulating inflation stats are the very first lie that these people peddle to cover up their profligate Govt spending. Nobody believes that rubbish any more.

@cafepablo 3 ай бұрын

In Canada, the sale of your primary residence is free of CGT, like the UK. Recently, the CGT rules have changed. Up to $250,000 is 50% discounted, but above $250,000 is now only discounted 33%.

@UK-Property-Tax-Accountants 3 ай бұрын

You are spot on with the home exceptions in both Canada and the UK. Typically my subscribers our property investors so the potential changes of cupcakes act has a significant risk over their portfolio

@AndyP-b9z 3 ай бұрын

There's over 4 years left of these inept politicos. 🤦‍♂

@UK-Property-Tax-Accountants 3 ай бұрын

I fear a lot more

@coolco1619 3 ай бұрын

Are you trying to justify Labour manifesto by putting those 3 high tax rates countries!! You have hardly talked about UK CGT at all here!

@UK-Property-Tax-Accountants 3 ай бұрын

I made direct comparisons to the UK. Might be worth watching again to see that I looked at the current UK CGT rules and compared them to other countries

@navaraboy3000 3 ай бұрын

The great thing about cgt is that you can just not sell and wait for a better rate when Labour leave in 5 years. Why would you pay 45 on say 10million when you can just hold and wait for a new government which will put it back down again once they have worked out tax revenue goes down when rates go up

@CUNDUNDO 3 ай бұрын

Because 5 years for many people is too long and in 5 years time labour can win again and then you have 5 more years . Remember that the tories were in power for 14 years.

@navaraboy3000 3 ай бұрын

@@CUNDUNDO labour win again?! I am willing to wager you any amount

@UK-Property-Tax-Accountants 3 ай бұрын

@@CUNDUNDO Agreed

@UK-Property-Tax-Accountants 3 ай бұрын

Agreed but I can see that the Labour Party might be around for some time

@navaraboy3000 3 ай бұрын

Why did you focus on USA, Canada and Australia. Most people would move to Spain, France, Italy and German where cgt is much lower than income tax

@UK-Property-Tax-Accountants 3 ай бұрын

Most of my clients choose to live in these counties and HMRC look at the G7 for tax ideas which are mentioned here except of course Australia but they have a similar tax system years ago bearing in mind their connection with the UK

@navaraboy3000 3 ай бұрын

A 45% cgt would be the highest in Europe and stupid. So it’s a certainty for Labour

@UK-Property-Tax-Accountants 3 ай бұрын

Agreed 👍

@RJAlmond1 2 ай бұрын

Completely agree. I can't believe they're even considering it. Why bother investing if the risk/reward ratio is so bad

@roberthuntley1090 3 ай бұрын

Kamila Harris (US presidential candidate) is proposing the idea of a tax on unrealised capital gains (so you could be taxed without actually selling an asset). To be fair, initially only on individuals with more than $100M, but the idea is scary. As an example, if your shares go up one year you would build up a tax liability and then potentially have to sell them at fire sale prices a year later to pay that tax if their price has dropped back down. Hope that idea isn't suggested in the UK.

@UK-Property-Tax-Accountants 3 ай бұрын

I have been monitoring this very closely as I have US and UK clients 🙄

@OneAndOnlyMe 3 ай бұрын

There is a reasonable argument to be made for this. Over time asset values rise, and eventually a point is reached where even in a dramatic drop means the value won't go below a certain "floor" value because it would be just deemed way undervalued. This organic gain should be taxed in my view.

@CreepyTrendMan 2 ай бұрын

@@OneAndOnlyMe Lol. Commie

@whitecirca1974 3 ай бұрын

Any thoughts on them bringing back indexation if they raise the tax rates, as this seems fairer as it allows for inflation?

@UK-Property-Tax-Accountants 3 ай бұрын

You have better chance of winning the next election sadly

@fizywig 3 ай бұрын

I am confused. I can someone help me here. I thought that at the moment there is zero CGT on your residential home. Is that right? And the Labour manifesto clearly DID NOT say anything up to 2024 May election about CGT. If that is right, why is the video describing Labour 2024 manifesto as imposing a CAPITAL GAINS TAX ON RESUDENTIAL PROPERTY after a £ 3000 threshold?

@UK-Property-Tax-Accountants 3 ай бұрын

Buy to let residential properties. Our channel focused on buy to let. The manifesto talked about taxes and their recent communication also spoke about CGT reform. The video does say “possibilities”

@justinclayton3022 3 ай бұрын

You need to consider how much revenue any capital gains tax rate increases will raise. Jeremy Hunt justified reducing the higher rate capital gain tax rate from 28% to 24% because the Treasury said it would raise additional revenue.

@UK-Property-Tax-Accountants 3 ай бұрын

They never did make sense 🙄

@conconmc 3 ай бұрын

Any thought on Business Asset Disposal Relief and also if Labour would bring these changes straight away in October or if it would be delayed until next tax year?

@UK-Property-Tax-Accountants 3 ай бұрын

Sadly no clue in this one. I have ideas in wealth tax though to be be released next week 🙌

@SB-mb1ob 3 ай бұрын

Great Simon. thank you. I would like to see these helpful figures together with Stamp Duty Land Tax, as this is another property tax although at the purchased point. It all combines to give a better picture of government taxations per country, although not CGT.

@UK-Property-Tax-Accountants 3 ай бұрын

On my list for sure 👌

@RJAlmond1 2 ай бұрын

You said if they put CGT in line with income tax we'd "just be falling in line with other countries". Really? How many other countries have a top rate of 45% CGT with no indexation or taper relief? I think you'll find if they do that it'll make us the 2nd highest taxer in the entire world. Not a fair move at all. We take risk investing in assets, to take half of that away upon sale and also not account for inflation is absolutely perverse

@UK-Property-Tax-Accountants 2 ай бұрын

I would not put it past The Labour Party 😔

@oldsoulboy6483 3 ай бұрын

Any ideas on a change to tax in dividends for company owners?

@UK-Property-Tax-Accountants 3 ай бұрын

I do not think that there will be many changes this time on dividends. However, I believe that dividends will be taxed as normal income at some point in the future That is quite typical in a lot of European countries rather than have a preferential rate

@geoffreyrobert4132 3 ай бұрын

The way this country is being run there could be a massive deflationary collapse with property prices taking a big hit .You could be selling now at the top of the market .On the other hand there could be money printing into hyper inflation where money from a property sale could be worth very little and hanging on to a hard asset may be the best option. Do you feel lucky ? Which opton do you take ?

@rimaspocevicius9035 3 ай бұрын

Hi, I got a residential property in London boot years ago.for £240000 now is worth 490000 . i’m high rate taxpayer .question is how much taxes I have to pay now if I decide to sell it.. and how much taxes I have to pay if the labour government gonna do some changes? what your thought about that? I was thinking maybe I need to sell it.

@UK-Property-Tax-Accountants 3 ай бұрын

If the property is your home then no capital gains tax will be due. CGT will only be due if you have rented the property out for more than nine months of living in the property. It is always a gamble to make a financial decision just because of tax. You could be in danger of selling a property that increases in value significantly in the future just to save a bit of tax now.

@CJMVector321190 3 ай бұрын

The taxation may be higher in other countries but that is not the problem. The problem is the tax vs the shithole we live in and that we get nothing for it.

@UK-Property-Tax-Accountants 3 ай бұрын

I hear you loud and clear, hence I am in Spain 🇪🇸

@SoloSi2024 2 ай бұрын

We've paid 20% VAT since 2011. Work that out on today's inflated prices and we're now paying a tonne of money! When inflation rises, why doesn't VAT come down? Why should Britain pay for more Labour vanity projects?

@UK-Property-Tax-Accountants 2 ай бұрын

Indeed ☹️

@SoloSi2024 2 ай бұрын

The threshold is already down to £3000. A quarter of what it was a few years ago! People just won't sell!

@UK-Property-Tax-Accountants 2 ай бұрын

So true with no indexation allowance 😠