I've read an interesting story in todays Sunday Telegraph about Gordon Browns plans for yet more taxation. Click here for the full story (http://www.telegraph.co.uk/news/main.jhtml?xml=/news/2003/10/19/ntax19.xml) .

To summarise, Gordon Brown wants to tax home owners 40% of all profits they make from the sale of a house. This to me seems ridiculous and will make things difficult for people wanting to move up the property ladder. Yet another new tax might be brought in by Labour. Roll on the next General Election I say.

That rediculas,i can't belive we employ people to think up such rubbish.Even if they did impose this tax,isn't 40% a little crazy.1-2% maybe if they want to try and pull this off,but 40% is just plain stupid!!!:loopy:

I heard that they plan to introduce a tax on the air that you breath, once they've found a way of measuring it.

8) Nah Den Ace.......

In the words of Pierre-Joseph Proudhon...........

All property is theft!

Regards,

Spacehopper.

What are your views on this subject, max?

Originally posted by t020
I've read an interesting story in todays Sunday Telegraph about Gordon Browns plans for yet more taxation. Click here for the full story (http://www.telegraph.co.uk/news/main.jhtml?xml=/news/2003/10/19/ntax19.xml) .

To summarise, Gordon Brown wants to tax home owners 40% of all profits they make from the sale of a house. This to me seems ridiculous and will make things difficult for people wanting to move up the property ladder. Yet another new tax might be brought in by Labour. Roll on the next General Election I say.

This kind of thing could affect one or two people on this forum, huh t020. ;)

What I don't yet understand is what would happen should you spend money on refurbishing your property which would increase it's overall value but then you pay tax?

Simple. You pay tax on the cost of any developments/improvements in the form of V.A.T, which you fund using your salary which has had income tax deducted from it. You then get taxed on any profits that this improvement would yield. In summary, tax tax tax. Then again, what more can you expect from Labour?

Originally posted by t020
What are your views on this subject, max?

IMO, this is just another case of using the public as a kind of focus group. Float an idea like this, see how it flies and if there's a negative response retreat, mumbling 'I don't know where that idea came from, we'll have an investigation'.

Personally, I don't see a problem with capital gains tax on properties which have been purchased specifically to make money. There will need to be a shed load of exemptions to avoid cases such as having to move for work, or major reconstruction work having been undertaken, etc. However, having said that, and, with the current emphasis on a flexible, mobile workforce it may prove unmanageable in the short term and take many years to smooth out.

Again, with any proposal to try and tax those that most need taxing, viz. those people who make money out of having money, there will always be loopholes which can be exploited by accountants and lawyers.

Originally posted by t020
Simple. You pay tax on the cost of any developments/improvements in the form of V.A.T, which you fund using your salary which has had income tax deducted from it. You then get taxed on any profits that this improvement would yield. In summary, tax tax tax. Then again, what more can you expect from Labour?

t020, you seem to think that taxation is undertaken exclusively by Labour governments. You probably don't remember this, I'm guessing you were still at school prior to 1997 and maybe still are, but in the final year of the tory government there were no fewer than 44 tax rises.

The difference between labour and the tories is that the tories will always tax those who can least afford it and give tax breaks to those that don't need it.

I heard mixed messages about this on the news when it was announced at the weekend. The Daily Telegraph reported one thing and then someone else said it wasn't true......

I think there would be an absolute uproar if they brought this in. A person's house is the one thing that you can have without being taxed on it (apart from stamp duty) - what more can they possibly take from the public? It would bring in huge amounts of money to the Treasury - and would be spent on.....pointless wars, funding debt in other countries, MP salaries (and their hospital bills, wives, etc), but wouldn't be redirected to the improvement of council housing, etc (where housing money should go).

No wonder I shake my head so much.

Hmmm... t020 you also seem to think that the current government are a labour one, yet they operate more Conservative policies (save europe issues) than any other labour or liberal government in history!! I hate new Labour, but if some of the values old labour had were correctly applied, then the money would be spent on improving quality of life for all, not just those who can afford the best...

Having said that I am a hypocrite as I work in the cut-throat industry of commission-based sales...!!!

I thought capital gains was only charged on second homes and I am sure the Chancellor would not be interested in extending it

After all it would upset 10 million voters, at a pragmatic level it wouldnt be practical

Dont believe everything you read, especially not in the Sunday Telegraph

hear hear!

All taxes should be much, much higher than their current levels. Particularly for young tories.

blah blah blah...this in the Telegraph, that in the Telegraph. Can we please have more factual sources than Rightwing newspapers?

I propose the Mods close any threads that begin with:
I read this in the Telegraph...
I read this in the Daily Mail...
I read this in The Times....

I have said before if you want the facts, read The Guardian. Anything else is rightwing opinion

Originally posted by Abby
blah blah blah...this in the Telegraph, that in the Telegraph. Can we please have more factual sources than Rightwing newspapers?

I propose the Mods close any threads that begin with:
I read this in the Telegraph...
I read this in the Daily Mail...
I read this in The Times....

I have said before if you want the facts, read The Guardian. Anything else is rightwing opinion
I read (not every day) the Grauniad, the Indy and the Torygraph.

The Times is just not worth bothering with. In fact I find the whole murdoch newsgathering operation quite poor, and subisidiary to political influence much more than the others.

The Grauniad is full of good journalism, but pockmarked by Bad Science and a 'left at all costs' editorial policy.

The Indy is really good, but rather boring, because of its lack of political direction.

The telegraph - I quite liked Charles Moore as editor, a calm man with some interesting libertarian agendas. There have been several editorials in the Torygraph putting the case for the legalisation of all drugs, amongst other things.

What will happen to the Torygraph now is anyone's guess.

And of course, there is always Private Eye. As a subscriber, I can tell you it is by far and away the most informative (although sanctimonious and holier than thou) of all these publications, especially behind the scenes in the press and government.

Originally posted by Phanerothyme

In fact I find the whole murdoch newsgathering operation quite poor, and subisidiary to political influence much more than the others.


Is the Murdoch press machine subservient to New Labour, or vice versa :?

Originally posted by Abby
blah blah blah...this in the Telegraph, that in the Telegraph. Can we please have more factual sources than Rightwing newspapers?

I propose the Mods close any threads that begin with:
I read this in the Telegraph...
I read this in the Daily Mail...
I read this in The Times....

I have said before if you want the facts, read The Guardian. Anything else is rightwing opinion

As opposed to leftwing opinion then?

Max - whilst I was still at school 1997, my dad was alive during Labours 1975-1979 stint and always tells me how bad they were for tax and spend, putting the economy at big risk and causing major inflation.

Agent Dan - I realise that New Labour, mainly through having a near-Tory leader, have a much more right wing agenda than previous Labour parties. At the same time though, Gordon Brown seems to be holding out with typical Labour tax and spend regimes.

Also, Abby, The Telegraph is one of the better newspapers and undermining its journalists is not the same as doing so with those from The Sun or The Mail. I believe Gordon Brown would love to introduce this new tax, its just a shame he will be sitting on the opposition benches before he has a chance.

Originally posted by t020
Max - whilst I was still at school 1997, my dad was alive during Labours 1975-1979 stint and always tells me how bad they were for tax and spend, putting the economy at big risk and causing major inflation.
That was over 20 years ago, the global economy has changed since then and Gordon Brown has proved more capable than most of the last 10 tory chancellors. Also, you'll find that inflation was more rampant during the tory years. Ask your dad if he can remember when the mortgage rate was over 15% and then ask him who the tory prime minister was at the time.

Originally posted by Abby
blah blah blah...this in the Telegraph, that in the Telegraph. Can we please have more factual sources than Rightwing newspapers?...I have said before if you want the facts, read The Guardian. Anything else is rightwing opinion

Such as The Sun or the Mirror?

As for The Guardian 'facts' - Where were they with the recent war coverage?

The best 'paper' (on-line) that I've come across is the Asia Times - unfortunately, there's not much UK coverage. In the UK, I prefer the Independent.

I remember, years ago, being on a bus, and a chap in front said to his neighbour: 'It must be true, I read it in the Mirror'...

A plague on most of the press - especially the tabloids - so much 'muck-raking', and so few facts.

Originally posted by Abby

I have said before if you want the facts, read The Guardian. Anything else is rightwing opinion

You forgot to mention the New York Times. :thumbsup: