UK may raise on capital gains tax (currently 20%)
theguardian.com/politics/2021/oct/26/uk-share...
theguardian.comPosted Oct 26, 2021, 10:45 PM UTC
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theguardian.comDickheads
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Very apt
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Or should I say knob heads
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Any government sees something they can make money on, you better believe they will take that money.
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Ironically the conservatives are meant to be the party of low taxes
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Specifically, low taxes for the rich, who are the ones paying capital gains tax at the moment, so this would be uncharacteristic
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Gotta be a lot of confused politicians around right now. They wanna tax the poor trading in crypto, but that means they tax their rich friends too.
It all makes no sense and their brains are starting to smoke in confusion.
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A change to this law will the highest earners hard, but very unlike the Tories to do this
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Hopefully the yearly tax free allowance stays at £12,300
Not keen if the Tories raise the tax rate though
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Think the free amount will stay the same (£12.3k) but anything over that will be taxed the same as the income tax rate (IE higher income tax earners will pay 40%)
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Fuck me that's quite a lot, may need to consult a tax accountant on this one if I ever exceed that £12.3k
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Me too, as I'll be in the higher tax bracket.
Also not sure what the deal is with income, as staking rewards count towards that. Think if I go over the £1000 'misc' allowance then I need to declare it to HRMC and I think I get taxed 40% on it, so going to have to start cashing out some of this to pay
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Gotta suck to have to pay 40% of all staking rewards. Makes it a lot harder to compound.
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Wtf
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naughty naughty UK
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Very surprising from the Tories
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I honestly dont care about paying taxes, specially on such speculative markets like stocks and crypto
I want decent social structure tho
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The taxes go up and the services remain the same or get worse. Gotta love the government.
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Royal family need more money
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First they giveth, then they taketh away
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The thing is they aren't giving us anything. We are putting the time, money and effort. Not them. They want more for doing nothing. Thieving bastards.
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Biden wants to raise US taxes too ..
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God thanks I’m living in Switzerland. No tax on crypto gains. Only on staking and mining 😅
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tldr; Exclusive analysis of 540,000 wealthiest individuals in the UK shows effects of low capital gains tax. The government could raise an extra £16 billion a year if the low tax rates on profits from shares and property were increased and brought back into line with taxes on salaries. Capital gains are the profit made when an asset such as shares or property is sold for more than it cost to acquire.
This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
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Come off it mate, we’re talking about the Tories here. It’s more likely to go to 0.
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“People are getting too close to financial freedom, queen… we can’t have that!”
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I'm not too sure.
The people who will be hit hardest are literally the MPs. When was the last time legislation was enacted that negatively affected the finances of MPs?
Not as long as the Tories have owt to say about it
As the Wyther has said, the Tories definitely avoid this!