By hook or by crook Rishi will come sniffing for cash. He was happy to take 13k in stamp duty land tax off me for a recent property purchase. Then 10 days later removed this tax, needless to say I’m not fan of his.
2 Likes
1 Like
I guess that will not be subject to CGT
I’m an accountant and we get updates from our professional bodies.
The consensus is that there is not expected to be a material change for 2021/22 but we expect a significant change in 2022/23.
If anything has changed I’d be keen to know.
15 Likes
Thank you so much for this info. 2021/22 is my last chance to sell my non ISA shares and re-buy them within the ISA. From then and onwards, I don’t do the same mistake again. Everything in the ISA
Obviously I am not privy to the chancellors changes.
What tends to happen is that the government bring in changes gradually.
My predictions:
I would expect removal of £1 for every £2 of the annual exemption for earners over 100k like the personal allowance. Maybe this might not happen this budget, but I’m sure it will happen 2022/23.
I expect that cgt rates especially next year will rise but probably not right up to income tax levels. I would expect basic rates may see the 10% held but maybe something around 28% (current property rate) for higher rates and and perhaps 35% or something like that for additional rate.
I have been advising clients to assume a possible increase and a substantial increase next year.
9 Likes
Thank you a lot. What do you expect for 2021/2022 and 2022/2023 in terms of CGT allowance, which currently is £12300?
My guess is as good as yours. As said above I think they’ll keep it but taper it for income over 100k like they already do for personal allowance.
2 Likes
Its not that I don’t support him, i do. but he’s trying to portray a rags to riches image in that picture… which is desirable to have in politics nowadays, but very far from the truth in his case!!
He went to private school, his dad was a GP, his wife is worth £430 MILLION… he’s the top 0.001%
Nothing wrong with all this, but he’s definitely trying to come across as something he’s not 
6 Likes
I’m a huge fan to be honest regardless of his bringing up.
Let’s keep on topic though. The alignment of CGT with Income tax is a good move and is a more fair tax change. I don’t really see the allowance changing.
3 Likes
Yes as much as it might be worse for us investors, It’s totally unfair that money u make slaving away in a job is taxed much higher than money you happen to make “as you sleep”.
If anything it should be higher, but lets not give them ideas 
2 Likes
No way Rishi will be going for CGT.
He’ll be going for the personal allowance and a new food bank tax. One tin of beans in every 10 to go to the Exchequer.
7 Likes
The opposite argument is that this is tax on tax.
You have already paid income tax and then when you put the extra to work you are paying even more tax.
Assume. 50% taxpayer, the income you keep is only 25% of what you originally made. 75% goes to the government. 50% in income tax and then another 50% in CGT.
Once you factor in risk that employees don’t take, you start incentivising people just to spend money instead of saving. Then everything gets pushed back to the government as people have less savings.
6 Likes
Sad and dangerous likely scenario 
1 Like
if you HODL! 
1 Like
Do you have very wealthy clients who are registered in the Uk? Askin for a friend. I dont own a BVI island. PS I love wealth
1 Like
Why cant we have our £ in the Treasury stored in Bitcoin? The no tax hikes
bankers seem to like it more Morgan Stanley Unit Considers Bitcoin Investment: Bloomberg
1 Like
If they screw up the CGT allowance and rate, they will push me even harder towards HODLing bitcoin basically forever. I mean I will HODL for 700 years I don’t care
Btw, sorry if I get a bit off topic here, but can anybody recommend any software that sorts out your crypto tax? I am using this https://koinly.io/
Also, is there any other software that sorts out total CGT owed to HMRC based on both crypto and stocks? I need peace of mind