Now the excitement is over, will the new government inflict pain on you.

[Terminator]

It looks like many of us who have been careful savers and investors, own shares or those who have share options with companies they work for, could get hit for up to 50% capital gains tax. I think things will get ugly when this hit the fan. How many approaching pension age with taxable investments are going to be hit very hard, I think it will be many who don't realise it yet.

 

Bank employees who have recently been give share options as a bonus, will be hit hard as their shares will not be included in the business share exemption from capital gains tax. This will effectively half the value of their share option or bonus.

 

Those who will get clobbered will be those who can little afford it. Then there is the knock on, investors with rental properties facing an unforeseen tax hike are likely to want to try to minimise the loss by sticking up rents. So don't think you will not be affected if you are not an investor. There will be far reaching knock on effects.

 

I feel the new government's honeymoon may well end abruptly at the budget on June 22

[dr_jekyll]

what a bunch of (explicit content)

 

good post.

 

i have big plans for a second buisness that will need a lot of re-evaluating if this is the case

[jagman]

This is only the start, there will be many more taxes to come!!

You cannot tax people who have no assets or money- so you tax people who do

Expect a flood of properties on the Market ,as people try to avoid it, Driving down house prices, - this will lead to lower rentals

[jagman]

Also expect an additional property tax under the guise of a "green/energy" tax , based on size of property or number of rooms etc

It's not easy to hide a house from the taxman or move it offshore-so it's an easy target

[AndrewOW]

And if they put interest rates up I'm well and truly stuffed.

[jagman]

And if they put interest rates up I'm well and truly stuffed.

 

You and a couple of million others -its not if but when

[Snooze]

These sort of taxation increases are going to be painful, but I'm afraid they need to be embraced rather than rebelled against.

 

There is no point rioting on the streets like in Greece. Fundamentally, the government needs our money to help avert a complete economic breakdown. And yes - I know it wasn't our fault - it was the banks, the immigrants, the civil service, the Chinese, etc. - but we're the only people who can fix it, and it's by swallowing the bitter pill of massive tax hikes, I'm afraid!

 

If they don't do it, we'll just be facing a problem 10 times worse in a few years' time.

[jagman]

"These sort of taxation increases are going to be painful, but I'm afraid they need to be embraced rather than rebelled against."

 

 

That statement has been tried since Roman times never seemed to get far though -usually resulted in Rebellion

[JohnHandy]

These sort of taxation increases are going to be painful, but I'm afraid they need to be embraced rather than rebelled against.

 

There is no point rioting on the streets like in Greece. Fundamentally, the government needs our money to help avert a complete economic breakdown. And yes - I know it wasn't our fault - it was the banks, the immigrants, the civil service, the Chinese, etc. - but we're the only people who can fix it, and it's by swallowing the bitter pill of massive tax hikes, I'm afraid!

 

If they don't do it, we'll just be facing a problem 10 times worse in a few years' time.

 

Well said sir.....

 

It would be nice if we all rember who sold all our gold at rock botom prices and got us in to this mess also.

[The Raven]

Not overly happy about capital gains tax but then i dont intend to sell the house i brought to rent.

 

Main thing is im about to be made richer by the new cavity wall grants.

[Whitesupraboy2]

I have a 2nd Home Ive been taking the pain on paying for it as well as the rent doesnt cover it, i was investing my money that way to make more money...thats my choice. The idea was to sell up in a few years and pay off nice chunk of my actual home mortgage meaning I didnt have a massive mortgage like what is required nowadays and me owing the banks ££££'s

 

nope... instead the government will punish me for trying to make sure im able to have an easily life and take the money and still let me pay back the banks. This hits you more then just the 50% they will take its the 1000's in interest ill have to pay for the gains tax money they have taken instead of paying off my mortgage.

 

27 now and the last 6yrs of investment could have 3yrs worth in money terms wiped off of it.

[Tony]

Well i hope if you are complaining you didnt vote for them, because this was allway's going to be the way with this lot:(

[jevansio]

It was always going to be the way with whoever got in, the countries finances are down the pan & everyone is going to have to go through a load of pain before its put right

[ivan]

This is what we voted for - someone to sort out the mess New Labour (and more precisely Gordon Broone) got us in. Now stop moaning and suck it up.

[Snooze]

"These sort of taxation increases are going to be painful, but I'm afraid they need to be embraced rather than rebelled against."

 

 

That statement has been tried since Roman times never seemed to get far though -usually resulted in Rebellion

 

True - and Boudica's revolution ultimately resulted in the downfall of the roman rule in England and plunged us into 500 years of so-called "Dark Ages". NOT what I would regard as a success, in general!

[Blackie]

Sucks to be you lot

[garethr]

True - and Boudica's revolution ultimately resulted in the downfall of the Roman rule in England and plunged us into 500 years of so-called "Dark Ages". NOT what I would regard as a success, in general!

Er... Boudica's rebellion was in c. 60 AD and the Roman legions left in about 410 AD.

[JustGav]

Sucks to be you lot

 

You mean actually have money?

[Whitesupraboy2]

You mean actually have money?

 

Did have Gav...did have.

 

It annoys me to make provisions for an easier future when i was 21....I could of just blown it all on women and drink

 

now im being punished for thinking of my future

[Blackie]

You mean actually have money?

 

Oh, in that case sucks to be me

[jagman]

I have a 2nd Home Ive been taking the pain on paying for it as well as the rent doesnt cover it, i was investing my money that way to make more money...thats my choice. The idea was to sell up in a few years and pay off nice chunk of my actual home mortgage meaning I didnt have a massive mortgage like what is required nowadays and me owing the banks ££££'s

 

nope... instead the government will punish me for trying to make sure im able to have an easily life and take the money and still let me pay back the banks. This hits you more then just the 50% they will take its the 1000's in interest ill have to pay for the gains tax money they have taken instead of paying off my mortgage.

 

27 now and the last 6yrs of investment could have 3yrs worth in money terms wiped off of it.

 

-Well you cant have a one way bet , Your situation is now throughout the country;

At the ripe old age of 21 You decided to become a speculator,capitalist ,call it what you will , one home wasnt enough ? On someone elses money (banks) you wanted someone else (tennants) to pay towards you having an easier life .

So what was needed was the price of houses to ever increase and be paid by the next generation of house buyers ie They would have to pay the £££££ to the bank in order to gain a mortgage in order to pay you.

The frenzy of housing ,pumped by the media was always going to end in tears ,coupled with easy credit and a binge the like of which was astounding !

By Binge I mean 3 holidays a year ,second house in Spain,stag nights in Amsterdam,2 or 3 cars ,bikes,jetskis,quads,designer everything,£4 cups of coffee,10k kitchens,nailbars,tanning salons,spa baths,I pods,kids games at £60 a pop - In short the UK people turned into David Beckham !!!

All this spending on imported (mostly Chinese ) goods and all with a residual value of Zero and of Zero benefit to the country ,was always going to end in pain

The question now, is can we wean ourselves off it ,and take the consequences? - Dell boy was wrong ,this time next year we wont be millionaires

[The Raven]

Dell boy was wrong ,this time next year we wont be millionaires

 

 

I will be when they force you lot to carry out Green measures on your houses:D

[Terminator]

I don't think any rational person would disagree that we ALL should pay part of the price for excesses. What concerns me is that it will be those in the middle income brackets that will be hit hardest. They are soft targets, as they have no power, no clout, no influence, no voice, easy pickings. You can bet that those at the higher end will continue to insulate them selves from the pain of the rest of us. Those at the at the top will be protected by the majority part of this new government. I can't wait to stump up an extra £40K of what was to be my pension so that some rich personal(insert own swear word) can keep popping corks on their yacht. The distribution of pain should be equitable, but I don't believe it will be.

[jagman]

This time an equitable division of pain (read destruction of wealth) is even more unlikely due to the Baby Boomer generation size compared with the following generations

Most of the middle class wealth is trapped in the BB generation so it is they who will get mullered and to be fair they pulled the ladder up after they made their money. They will get little or no sympathy from the younger generations

Usually it is the poorer working class(I hate that term), ie those oop north who take the blows ,but this time the home counties ,middle England , "the investors" who will get raped and they have poor history of community to help them deal with it

Pensions - If ever there was a Ponzi scheme this is it - just who were they for ? 54% of all pensions went those who traded in them .

Selling dreams of future wealth for the masses whilst they purchased the Yachts - On which they sat calculating how soon you would die after drawing a pension:(

Continual growth is impossible

[imi]

We always knew that there would be Tough measures to try and clean up the mess of the predecessors.....