So the rich still pay less tax?
Funny how Labour used to be the party of the workers.
The chancellor Alistair Darling is today expected to make a U-turn over plans to bring a single rate of capital gains tax (CGT) into play, following pressure from small business (SMB) lobby groups that deeply opposed the reform. Darling looks set to announce in the Commons later today that the government will introduce a lower …
The concession was for small businesses, i.e. ma & pa operations that have a sale value of less than £750k. These companies are often operated on the basis that the sale of the company on retirement IS the pension plan - and £750k doesn't go all that far as an investment to live off for what could be up to 40-50 years from retirement. Not to mention that this capital gains tax (rather like inheritance tax) is on selling a business who's value has been largely built by people investing money in their business that has *already been taxed*. It's double-dipping, which even at 18% is scandalous.
They come across as a slightly more caring version of the Tories who financially screw you that little bit more. Their attitude on extending the life of ISAs was ridiculously patronising.
So, we have them & the Tories (who I still don't trust as a result of all of their shenanigans in the 90s). What's left? Lib Dems, Greens & (ha!) UKIP.
Is it any surprise that the electorate is so apathetic?
Surely it's triple-dipping? I'm taxed on my income, which I then invest in my company. My company then makes a profit, which is taxed (there used to be a £10K annual threshold on corporation tax but this has been removed so you pay tax on the first penny of profit). Then you sell the company and get taxed a third-time.
That's what they pay accountants & politicians for.
or further back http://www.motherjones.com/news/feature/1998/01/silverstein.html
or even further back (70s?) the press ran the story of the FAMILY (whose name I forget) that owned land/cattle in the USA & a few hundred Dewhurst butchers shops in the UK paid UK 10 pounds tax.
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