What are the Labour Party Capital Gains Tax Potential Increases?

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UK Property Tax Accountants

Күн бұрын

Пікірлер: 80

@lkearney7299 2 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 2 ай бұрын

A very sensible argument 👍

@sirrodneyffing1 Ай бұрын

Absolutely.

@OneAndOnlyMe 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 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 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.

@AndyP-b9z Ай бұрын

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

@UK-Property-Tax-Accountants Ай бұрын

I fear a lot more

@cafepablo 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 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

@navaraboy3000 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 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

@SB-mb1ob 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 Ай бұрын

On my list for sure 👌

@rimaspocevicius9035 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 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.

@navaraboy3000 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 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 Ай бұрын

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

@UK-Property-Tax-Accountants Ай бұрын

@@CUNDUNDO Agreed

@UK-Property-Tax-Accountants Ай бұрын

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

@whitecirca1974 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 Ай бұрын

You have better chance of winning the next election sadly

@conconmc 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 Ай бұрын

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

@navaraboy3000 Ай бұрын

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

@UK-Property-Tax-Accountants Ай бұрын

Agreed 👍

@RJAlmond1 Ай бұрын

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

@justinclayton3022 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 Ай бұрын

They never did make sense 🙄

@RJAlmond1 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 Ай бұрын

I would not put it past The Labour Party 😔

@oldsoulboy6483 Ай бұрын

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

@UK-Property-Tax-Accountants 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 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 ?

@coolco1619 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 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

@roberthuntley1090 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 Ай бұрын

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

@OneAndOnlyMe 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 Ай бұрын

@@OneAndOnlyMe Lol. Commie

@fizywig 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 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”

@SoloSi2024 28 күн 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 28 күн бұрын

So true with no indexation allowance 😠

@CJMVector321190 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 Ай бұрын

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

@SoloSi2024 28 күн 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 28 күн бұрын

Indeed ☹️