Snouts in trough
No co-incidence that this will be benefit the sale of our beloved MP's tax-payer funded second London homes, as their capital gains drops from 40% to 18% (net benefit to them - 55%)
UK business leaders met Chancellor Alistair Darling yesterday to detail their objections to his proposed changes to how capital gains tax is charged. Darling announced the end of taper relief for capital gains in his pre-Budget report two weeks ago. Small and medium businesses reacted with horror to the changes. The British …
Just ask the Tories how to solve the problem, and then let Darling (choregraphed by BROON) adopt the idea.
Has anyone remembered that the current Chancellor - he who contols our bank balances - was in charge of the failed successor to British Rail? Good job, Al!
The idea was to screw the city wheelers and dealers who manipulate their earnings to produce very lowly taxed income, less than his office cleaner one bragged. They have had this route cut off (the poor buggers would now have to pay 18% on their millions). I say "would have to pay" as I am sure that their overpriced lawyers are working on the next dodgy scheme.
The genuine investors in startups will be caught in the crossfire but that is OK, the Government does not care much about them. There will be a windfall for owners of second homes, buy to let investors and all the other needy types so loved by New Labour.
The rest of us who are not paupers will just have to smile and hand over 40% tax.
Has anyone seen numbers on the percentage of new tax revenues that will come from private equity vs. hardworking small businesses? If the majority is from small businesses then clearly the claim that the target is private equity is rubbish.
Increasing tax on small business is less risky to votes than increases taxes on the general public. This makes small businesses a soft target for Mr Brown who clearly more willing to risk stifle this engine of the economy than his votes. Businesses should compensate for the tax with a coordinated price rise accompanied by a clear message to all their (voting) customers about who is ultimately to blame.
Stop being so negative, folks! Our beloved Chancellor has just given the black economy a massive boost!
Oh, and here's the bill for the consultancy services. No, sorry, we don't take cheques. Cash only in used notes please, nothing bigger than a tenner. Thanks. Pleasure doing business with you.
* As in Trainspotting, although some folks may have other interpretations.
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