“Tax the wealthy” (RR budget) what does this even mean?

But in real terms, the massively increased value of the property that you originally paid much less for is still roughly the value of 1 house.

Granted it isn't fair at all if the original buyer was in the right place and the right circumstances at the right time to do so, when many people never could do/have done the same.

It would be completely different if only your house had rocketed in value, and nobody else's had.

I can't remember where I saw it or read it (but it was recent) that they are considering taxing gains on main properties. They will start big ie houses over a million or something and so most of us will not be bothered.

However they will bring this threshold down over time till most of us are impacted.

The trouble with this theory is if you sell a 2 bed house for 200K and a profit of 50K which you get taxed on. You now have less than 200K to spend. Assuming you were buying a like for like property, you now can't actually afford your own house.

It's not really a gain if everything you want to buy has risen by the same amount ie your purchasing power has not increased

P.S. Okay It was The Independent in Aug I read it (although other papers had the story too.)

What? It is a loss in tax revenue.

The Mail has a pretty decent article on things the Chancellor might do to raise tax revenue. www.thisismoney.co.uk/money/pensions/article-15187979/Rachel-Reeves-pensions-Budget-ROS-ALTMANN.html

Well there is a loss if they.were paying tax. They just don't want to be shafted by Labour. Perfectly reasonable.

I've already taken that part out.

Obviously House prices can go down. You haven't made a profit or a gain until you sell.

CGT isn’t payable on a primary residence. And house prices aren’t “crashing”, the market is slow.

You relocated to avoid paying tax? No loss to the UK then

You can't tax a "profit" until it is realised. Ie sold. Otherwise it's just on paper.

House prices are crashing anyway. You may not have that "value" for much longer.

Inflation is not a gain

tje gain is what you get after inflation has been computed

this used to be reflected by indexation allowance but they got rid of that and reduced the rate of tax you pay on gains instead

The profit is untaxed. Unless you know of some tax I’ve somehow inadvertently avoided paying on a house that has quadrupled in value since it was purchased.

All assets will.have been taxed at some point. How was the house purchased originally? Untaxed money? It doesn't exist.

Increased equity in property through inflation is a prime example of untaxed wealth until its owners die and it may become liable for inheritance tax - which less than 10% of estates pay. That runs into billions.

The lottery is already taxed - but everybody pays a small amount of tax on their ticket, rather than entering being tax-free but then the tax burden falling on the winners.

Also, everybody thinks about the massive winners - and who of us would be distraught at losing, say £2m out of £20m that had just come our way randomly? However, what about all of the smaller winners? Winning a tenner (already not getting your stake back, like with most gambling) and then losing £2 (or however much) of it to tax would rile people more than not winning at all.

A bit like pensioners often get more annoyed at being given an insulting extra 25p a week on reaching 80 than they would be if they didn't get an increase at all.

The USA has tax payable on winnings - I think it may be as much as half of the value of the winnings - meaning that, if you won a new car, you would have just won the obligation to pay for half the price of a new car, regardless of whether you can afford it or not! Great if you were in the market for a new car of that kind in the first place; bit of a white elephant if your budget extended to bargain old used-car territory at best!

The minimum wage has risen much faster than other salaries and now you are seeing managers being paid little more than the people they manage etc

add in all the cliff edges for benefits/tax rates and the current system disincentives ambition

I assume you have never owned your own business
Companies employ millions of people
We re-located our business out of the UK after the last budget
Jobs and tax income lost to the uk

Salaries aren’t that much higher. The salary to house price ratio is not the same everywhere. In the north east it’s about 5 times, in the south east it’s 9 times.

100% this. Hence, forced digital ids for everyone will be fast tracked while KS in power, plus, introduction of digital pound, government access to our bank accounts to monitor and control us, we all will be taxed at source. We will be cogs in a machine.

Im also worried about government fast tracking of assisted suicide bill. It’s probably will be used to cull the pensioners.

The best investment you could do right now is to
invest into your health. I decided to drop my self employment, get a WFH civil service job and go to gym more.

Seriously?! My salary increases are very very much below inflation - the IFS states:

Real public sector pay at the end of 2023 was still 1% lower than its level at the beginning of 2007. Real private sector pay increased by 4% from 2007 to 2023. https://ifs.org.uk/publications/recent-trends-public-sector-pay

Trusts aren’t tax avoidance schemes. Anyone with money in a trust has to pay 6% of the whole value of the trust in tax every 10 years. In addition to that, any money taken out of the trust has income tax paid on it in exactly the same way and levels as everyone else pays.

But at least we are paying lots of PIP and DLA for mental health issues! And the pensioners are doing great!
hurray
/s

if the public doesn’t want to accept that first two categories of spending need to be reduced (as much wailing demonstrates), where do they think the money will be coming from? Magic money tree?

Tory opposition and Farage can shut up as they are not offering any constructive ideas (and asylum seekers cost tiny percentage of the overall welfare budget)

Well I can well believe that of this government. They don't seem to care how their actions look. For example Lord Hermer seems to make an awful lot of decisions in China's interests rather than ours so presumably he's got some mates over there too.

Nor do I (absent those who built their wealth from say drug dealing) which is why I’m interested to know exactly what PP wants to be taxed.

This point was clearly nonsense. Most companies has minimum wage employees so all companies would be limited to £250,000 profit.

They may well not go into politics with that aim but dont fool yourself that that's not where it ends the majority of the time.

There are many changes that could be made in many areas. They aren't and its not because it wouldn't benefit the general population.

And it doesn't matter which party is in power. They all act the same.

Massive companies and the extremely rich pay a fraction of their fair share and no government will tackle it.

The whole system is fucked and its not going to magically fix itself.