>Whitehall sources say there is growing concern about the limited options for tax rises to fill a hole the Institute for Fiscal Studies (IFS) thinktank says is as big as £25bn, ahead of the budget on 30 October.
Yes! You’re a mug if you get your money from working in the UK
0711steve on
For heaven’s sake bite the fucking bullet and put 2p in the pound on income tax for the NHS fund it directly from everyone’s taxes.
You are happy to give in to the train drivers.
Pay the nurses and carers a decent wage and you will get the staff.
ratttertintattertins on
… Googles to check it doesn’t affect S+S ISAs or pensions…. It does not. Phew.
bobblebob100 on
If we do need to find 20 odd billion from somewhere, all these people against x tax rise, whats your alternative suggestion? All well being against them but that doesnt reduce the black hole in the finances
This is politics all over – whether its MPs or the voters. Quick to criticise without offering an alternative solution
ArtistEngineer on
CGT freebies were already being scaled back under the Tories, none of this should come as any surprise.
I think it’s fair that CGT should just be part of normal income. e.g. Australia has simple rules for Capital Gains, and you get discounts for holding an asset for longer, and primary residence is exempt.
>If you have a net capital gain you pay tax on the gain at your marginal income tax rate.
>If you have a net capital loss you cannot deduct it from your other income but you can carry it forward to reduce capital gains you make in future years.
You were warned. Here come Labour to raid your pockets.
MuthaChucka69 on
We will need it to be even higher if inequality keeps growing. I don’t understand why it’s so hard for people to understand the more money the rich hold and earn the more they need to pay in tax to maintain society.
63% of new wealth went to the top 1% and it gets larger each year, that’s unsustainable. If we don’t tax to redistribute the government and average person will keep getting poorer and poorer.
There are already examples of where we are heading and it’s not pretty.
Careful-Swimmer-2658 on
Workers are taxed at 40% on their wages, why shouldn’t capital gains be taxed at the same rate. Sounds suspiciously like rich people getting a better deal as usual.
Far-Crow-7195 on
I am just quietly hoping that all these stupid tax rises that keep being leaked are done deliberately so whatever she actually does appears quite moderate.
grapplinggigahertz on
Raise CGT to 39% and the evidence from the past is that tax take goes down and not up.
If the tax is increased then those with assets with capital gains, such as property or shares, simply don’t sell them in the expectation that a future Conservative government will reduce the rate.
And no sale means no taxable gain which means no tax.
xParesh on
I hope Reeves takes looks back of Truss’ tenure and makes smart policy choices detached from ideology.
I know its almost Halloween but the markets don’t appreciate being spooked.
Mortgage swap rates have already started rising and lets hope mortgage rates don’t jump back to 6% the day after the budget.
0711steve on
Stop giving money to India and Pakistan they are nuclear powers, and African countries that spend it on weapons rather than people.
13 Comments
>Whitehall sources say there is growing concern about the limited options for tax rises to fill a hole the Institute for Fiscal Studies (IFS) thinktank says is as big as £25bn, ahead of the budget on 30 October.
Well well well, it’s not like [_anyone_](https://news.sky.com/story/general-election-2024-conspiracy-of-silence-from-tories-and-labour-over-tax-plans-in-manifestos-thinktank-ifs-says-13157900) warned Rachel Reeves about the danger of ruling out raising the four largest tax revenues. Looks like she has made her own bed.
Yes! You’re a mug if you get your money from working in the UK
For heaven’s sake bite the fucking bullet and put 2p in the pound on income tax for the NHS fund it directly from everyone’s taxes.
You are happy to give in to the train drivers.
Pay the nurses and carers a decent wage and you will get the staff.
… Googles to check it doesn’t affect S+S ISAs or pensions…. It does not. Phew.
If we do need to find 20 odd billion from somewhere, all these people against x tax rise, whats your alternative suggestion? All well being against them but that doesnt reduce the black hole in the finances
This is politics all over – whether its MPs or the voters. Quick to criticise without offering an alternative solution
CGT freebies were already being scaled back under the Tories, none of this should come as any surprise.
I think it’s fair that CGT should just be part of normal income. e.g. Australia has simple rules for Capital Gains, and you get discounts for holding an asset for longer, and primary residence is exempt.
>If you have a net capital gain you pay tax on the gain at your marginal income tax rate.
>If you have a net capital loss you cannot deduct it from your other income but you can carry it forward to reduce capital gains you make in future years.
There is a capital gains tax (CGT)Â [discount](https://www.ato.gov.au/individuals-and-families/investments-and-assets/capital-gains-tax/cgt-discount)Â of 50% for Australian resident individuals who own an asset for 12Â months or more. This means you pay tax on only half the net capital gain on that asset.
Some assets are [exempt from CGT](https://www.ato.gov.au/individuals-and-families/investments-and-assets/capital-gains-tax/list-of-cgt-assets-and-exemptions), such as your home.
[https://www.ato.gov.au/individuals-and-families/investments-and-assets/capital-gains-tax/calculating-your-cgt](https://www.ato.gov.au/individuals-and-families/investments-and-assets/capital-gains-tax/calculating-your-cgt)
You were warned. Here come Labour to raid your pockets.
We will need it to be even higher if inequality keeps growing. I don’t understand why it’s so hard for people to understand the more money the rich hold and earn the more they need to pay in tax to maintain society.
63% of new wealth went to the top 1% and it gets larger each year, that’s unsustainable. If we don’t tax to redistribute the government and average person will keep getting poorer and poorer.
There are already examples of where we are heading and it’s not pretty.
Workers are taxed at 40% on their wages, why shouldn’t capital gains be taxed at the same rate. Sounds suspiciously like rich people getting a better deal as usual.
I am just quietly hoping that all these stupid tax rises that keep being leaked are done deliberately so whatever she actually does appears quite moderate.
Raise CGT to 39% and the evidence from the past is that tax take goes down and not up.
If the tax is increased then those with assets with capital gains, such as property or shares, simply don’t sell them in the expectation that a future Conservative government will reduce the rate.
And no sale means no taxable gain which means no tax.
I hope Reeves takes looks back of Truss’ tenure and makes smart policy choices detached from ideology.
I know its almost Halloween but the markets don’t appreciate being spooked.
Mortgage swap rates have already started rising and lets hope mortgage rates don’t jump back to 6% the day after the budget.
Stop giving money to India and Pakistan they are nuclear powers, and African countries that spend it on weapons rather than people.