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Aren't they really targeting people who effectively dodge income tax by being paid into their company? If they really wanted to go after asset owners, they'd put in a wealth tax, not a "gains" tax. The middle-class individuals without tons of assets will be under ISA limits or will have their wealth locked as equity in their primary home.
This is not a big issue for the average person. The £1,000,000 allowance is already plenty, if you're able to create a business and sell it with more than £1,000,000 in profit, you're probably not the average person and will be able to retire on your profit anyway. There are other allowances as well which people can use. However, if you see your business is taking off and you think selling in the future for multiple millions of profit is on the cards, you'll restructure into at least 2 limited companies. 1 would be a holding company and the other the actual business company. So the holding company sells the actually business and just be subject to corporation tax. Then drip feed the rest of the funds to yourself tax effectively and use things like pensions etc. People selling up and moving away are only going to be the rich, and as their income would certainly be set up through LTD anyway, none of the points would effect them anyway. Things like stocks can be bought in ISAs. If you have enough money to be using your whole allowance and still need to buy and sell more, then you should probably set up a LTD for it. And as for jewellery, whatever. As I always say, if you're rich and paying loads of tax you're either ignorant, too lazy or too rich to care anyway
that's great news, maybe some people owning hundreds of properties will put them on the market before the new law kicks in, which would bring the prices to a more realistic level. Currently, buying a house for first time buyers is a nightmare and the prices are nothing short of ridiculous. Hopefully that 39% CGT kicks in soon.
@@jasonbuksh2958 people buying houses by the dozens just to rent them out is not a solution. It makes the problem worse. The number of houses stays the same but availability decreases with prices skyrocketing at the same time. The solution would be to cool down the buy to let market - ideally the government should implement a limit of how many rental properties one can own, lets say 5. Unfortunately, that would casue a lot of social stirr, so the easiest option for the government is to increase the capital gains tax. I would prefer option one though, with a low CGT but limited ownership.
You tell him, 39% cgt is obviously a good idea, how else can we double the money we already give to people who have no intention of ever getting a job, have never paid a penny into the system yet can afford all the luxuries that working class can't. No rent or council tax to worry about. In fact I think we should increase CGT to 110%, these rich people have bundles of cash everywhere, they should hand it over. I mean they haven't worked for it or anything
