Chancellor requests review of CGT by the OTS

Reply to the comment left by David at 15/07/2020 - 13:38
I am aware that the basic pension has risen over the last decade. However, I am concerned that the chancellor will attack private pensions either with extra charges or by removing the recently introduced "pension freedoms". I am also concerned that the chancellor will raise the state pension age again.

Covid 19 didn't disrupt our economy: It was the government response that did that, as a consequence of advice from "experts". The response has looked like a c**k up to me right from the start, although I don't blame the government for that, I blame the "experts". And I am concerned that on the advice of other "experts" they will make the c**k up worse now.

Ours is a service economy: If the government wants a recovery and young people to be employed they need pensioners able to go out and spend their money, not too afraid to spend as they watch this, or subsequent governments attacking their pensions.

Reply to the comment left by Beaver at 15/07/2020 - 14:25
Nothing is ruled out but raising these points with your MP at least shows your concerns and how to address them.

Reply to the comment left by Beaver at 15/07/2020 - 12:58
"Bank of England has also just forecast a 16% fall in house prices."

It hasn't.

In an interim financial stability report, they carried out a bank stress test of what would happen if prices fell 16%.
(They would be OK)

The media jumped on it to make some sensational headlines.

I struggle with the thought from the original post - "I appreciate we all have to put our hands in our pockets to help put our economy back on its feet". Not a criticism of the author, I'm sure they have good intentions, I just see this as the consistently mislead train of thought. It is the speak of a co-dependant mindset, one who is always willing to "do what's best", and not question what the source of the problem really is. Bare with me.

There is no economy that we are collectively responsible for the recovery of. We are all individual actors and the combined business of our individual efforts and choices are what makes an economy.

If there was anyone who needs to be responsible for an economy going wrong, it is those who fix the books at the macro level, i.e., .gov & central banks. They manipulate and distort and "protect", which invariably only creates a worse situation. They are not experts at business, and they are not even experts at anything other than virtue signalling and propaganda and spin. What has that got to do with a productive economy?

What we are going through is the result of economic abuse. We are chastised and handicapped for making "too much" money, we are harassed by an incompetent HMRC, and then we are told we have to work harder and be more austere to "help the common good". All the while the strings are being pulled way above where we can reach and well before we even see it coming. We are always playing catch-up to the scams and lies and BS. They effectively have a tyrannical incompetent ruling over us and then say we are the problem. Do you now see that this is the absolute definition of abuse?

Don't fall into the "altruistic trap" of thinking that we are all to blame, this situation is well beyond our responsibility and control. We are the ones who create an economy, we tread the mill and risk the capital and manage the projects. We know what decisions should or should not be made in our field, and if we fail, then we take the individual hit. .gov has not shown us any sympathy, they only crack the whip harder. Again, the picture of abuse.

Prepare yourselves for much harder times, buy gold, silver and Bitcoin. For the latter, a good resource is http://www.bitcoin.com. Best wishes.

Gordon Brown when in power reduced cgt to 10% and collected an enormous amount of money. Cameron came to power and increased CGT back to what it had been and collected far far less pound coins.
If they increase CGT levels we will simply not sell and crystalise a taxable event. The current Chancellor can put CGT up to whatever he likes. I will decide if I make a sale or not. Let him choose? Some people have debts on their property plus potetial CGT liabilities which are greater than the amount which can be acheived on sale. So put CGT up and see how much tax you collect?

Reply to the comment left by david porter at 16/07/2020 - 13:28
I think by that you mean that Gordon Brown introduced entrepreneur's relief (at 10%). But entrepreneur's relief was designed to replace the previous CGT taper relief system; Gordon Brown introduced one thing to replace something else. The idea of entrepreneurs relief is that if you are a small business owner you often can't afford to pay into a pension, or pay much into one; you are relying on the ultimate sale of your business for your pension.

Entrepreneur's relief has already been attacked once in the last year. If somebody attacks it again they'll be attacking the sector (SMEs) that produced most of the new jobs after the last financial crisis.