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Capital Gains Tax (CGT)
Capital Gains Tax it is not simple as some are advocating to match income tax rates
as inflation adjustment is a complex factor that needs to be considered and adjusted for to be fair, vitally the higher the rate goes, the lower pay it.
If make CGT a punitive rate, the sale that generates the gain is postponed with no taxation being taken.
If the rate is considered very punitive then Tax Advisors are sought to legally mitigate tax and again no tax is collected.
History has shown having a fair and lower Capital Gains Tax rates, will generate more tax revenue overall.
The majority of Capital Gains Tax is paid by those selling their businesses.
Capital Gains Tax:Total Budget £20 Billion
Revised Budget £33.9 Billion changed by £13.9 Billion: 169.4% Increase
Capital Gains Tax Business Disposal
Policy:
Increasing the entrepreneur's lifetime limit to £5 million
and cutting their Capital Gains Tax rate on success to 12.5%, which would be a 50% reduction on the full changed rate.
Annual Revenue Increase of £20 Million
Capital Gains Tax Capital Gain Tax Rates
Policy:
Scrape the special 18% lower rate on Capital Gains.
Increase Capital Gains Tax rate from 24% to 25%.
Annual Revenue Increase of £3 Billion
Capital Gains Tax Crypto Currency
Policy:
Add a direct question to the tax return to leave no doubt that crypto gains are taxable.
New technological reporting system must be mandated with crypto exchanges to end anonymous trading and ensure every taxable gain is declared and paid.
Annual Revenue Increase of £10 Million
Capital Gains Tax ISA Removal
Policy:
Removal of all current Cash and Share ISAs and no future ISAs.
Annual Revenue Increase of £3.6 Billion
Capital Gains Tax Principal Property
Policy:
New Capital Gains Tax on gains made from the sales of Principal Property at reduced rate of 10% on gain.
