If true, this is an absolute pisstake and, given the context of other reports in advance of the budget, a really damning statement on Labour’s priorities. I’m fully dreading the 30th of October at this point.
sbos_ on
lol absolute joke. This lot showing they are no different to tories. Controlled by the businesses and those invested. Pathetic
Edit : another user put it well. I don’t care if it raise less money. It’s about changing these people mindset for the long term. House should be seen as home not some lucrative investment.
bliss000 on
Raising capital gains on second homes is less about rasing money and more about altering behaviour. Homes should be just that, homes, not bank accounts.
Greenawayer on
>In the last budget, the Conservatives cut the top rate of CGT for property from 28% to -24%.
Good to see The Guardian Website continues to report accurate information.
TrainingVegetable949 on
Someone more knowledgeable should correct me if I am wrong but doesn’t this make sense counter intuitively.
If you want landlords to sell so that more homes are available for buying to live. We should have low capital gains tax on property sales and high stamp duty on second properties?
Are people in opposition because they see it as a benefit to landlords rather than not disincentivizing selling? Feels like opposing this would be cutting off your nose to spite your face?
bluecheese2040 on
How to crush a left of centre party? Simple bring them into the system…knight them, show them the benefits that privilege buys you…then dress them up as socialists….thus you have post new Labour Labour.
Starmer and reeves could be tories. I’ve said it for years.
peakedtooearly on
Property investment is the dominant religion in the UK these days, so any change in the status quo will be very unpopular.
However, property prices are at the root of many key issues, like investment, falling birth rates and inequality.
Until the huge cost of residential property (vs wages) and the untaxed gains in value are addressed, the UK will continue it’s decline.
Old-Amphibian416 on
The slow, slow drip feed of information/ misinformation is very slowly destroying what little faith Labour voters had.
What they want are services that work and those who have the broadest shoulders to share their fair share.
Vanobers on
Working taxpayers are the last in priority it seems, so fed up of the state of politics in our country!
SubjectCraft8475 on
This is good news,if they increased it landlords will be afraid to sell and just keep renting their houses out
Exige_ on
>Ministers have decided to leave CGT levied on the sale of second homes and buy-to-let properties untouched because of concerns that increasing it would cost money, the Times reported.
>In the last budget, the Conservatives cut the top rate of CGT for property from 28% to -24%. The Office for Budget Responsibility said at the time the cut would raise nearly £700m by increasing the number of property sales and resulting income from stamp duty.
>Now ministers are concerned that putting up the rate again would cost the Treasury money by slowing property sales, the Guardian understands.
Before people start losing their minds, the decision is intended to actually raise more money overall.
MattMBerkshire on
Lol shock horror.
Elite political home owners don’t want to lose profits of their own to taxation.
If it affects them, they aren’t going to make any changes.
Wait until March when this lot gets their own pay rise.
drivingistheproblem on
Tjays because labour mps love making money off second homes
arabidopsis on
Seriously hope they are changing council tax to be based on value rather than some arbitrary value from 1980.
That would really brighten g in the cash, especially if it’s centrally controlled not council controlled
floorscentadolescent on
All that good will from ‘not being the tories’ about to be wiped,
If you’re not willing to raise funds through taxation of the mega rich (no, not you £100kers) and instead want to tax and strip the working class to the bare necessities then they deserve to lose the next election,
I’ll hold my tounge until the budget is over though
ManOnNoMission on
You can really tell who doesn’t read the articles on the sub.
FastCommunication301 on
So we clearly aren’t in that bad of a mess.. and the NHS is clearly working well.
Minute_Recording_372 on
Raising CGT wouldn’t have meant properties aren’t sold. Most people sell an asset like a house on the basis of need and circumstances. If they want the capital back higher CGT wouldn’t necessarily mean they hold onto properties forever.
What it would do is begin to send a clear message that HOMES ARE NOT A PRODUCT, and make them less attractive as a passive income stream for the privileged in society who very likely received inheritances.
By exempting landlords from a CGT rise whilst pressing on with the rise for shares and businesses, guess what that achieves? It makes genuine investment in the economy even WORSE in comparison to buying a property and being a parasite, therefore the idea buying property as an investment going forwards actually makes a net gain from this budget compared to the other means of doing so.
NoRecipe3350 on
So this government is a total sellout on everything.
19 Comments
If true, this is an absolute pisstake and, given the context of other reports in advance of the budget, a really damning statement on Labour’s priorities. I’m fully dreading the 30th of October at this point.
lol absolute joke. This lot showing they are no different to tories. Controlled by the businesses and those invested. Pathetic
Edit : another user put it well. I don’t care if it raise less money. It’s about changing these people mindset for the long term. House should be seen as home not some lucrative investment.
Raising capital gains on second homes is less about rasing money and more about altering behaviour. Homes should be just that, homes, not bank accounts.
>In the last budget, the Conservatives cut the top rate of CGT for property from 28% to -24%.
Good to see The Guardian Website continues to report accurate information.
Someone more knowledgeable should correct me if I am wrong but doesn’t this make sense counter intuitively.
If you want landlords to sell so that more homes are available for buying to live. We should have low capital gains tax on property sales and high stamp duty on second properties?
Are people in opposition because they see it as a benefit to landlords rather than not disincentivizing selling? Feels like opposing this would be cutting off your nose to spite your face?
How to crush a left of centre party? Simple bring them into the system…knight them, show them the benefits that privilege buys you…then dress them up as socialists….thus you have post new Labour Labour.
Starmer and reeves could be tories. I’ve said it for years.
Property investment is the dominant religion in the UK these days, so any change in the status quo will be very unpopular.
However, property prices are at the root of many key issues, like investment, falling birth rates and inequality.
Until the huge cost of residential property (vs wages) and the untaxed gains in value are addressed, the UK will continue it’s decline.
The slow, slow drip feed of information/ misinformation is very slowly destroying what little faith Labour voters had.
What they want are services that work and those who have the broadest shoulders to share their fair share.
Working taxpayers are the last in priority it seems, so fed up of the state of politics in our country!
This is good news,if they increased it landlords will be afraid to sell and just keep renting their houses out
>Ministers have decided to leave CGT levied on the sale of second homes and buy-to-let properties untouched because of concerns that increasing it would cost money, the Times reported.
>In the last budget, the Conservatives cut the top rate of CGT for property from 28% to -24%. The Office for Budget Responsibility said at the time the cut would raise nearly £700m by increasing the number of property sales and resulting income from stamp duty.
>Now ministers are concerned that putting up the rate again would cost the Treasury money by slowing property sales, the Guardian understands.
Before people start losing their minds, the decision is intended to actually raise more money overall.
Lol shock horror.
Elite political home owners don’t want to lose profits of their own to taxation.
If it affects them, they aren’t going to make any changes.
Wait until March when this lot gets their own pay rise.
Tjays because labour mps love making money off second homes
Seriously hope they are changing council tax to be based on value rather than some arbitrary value from 1980.
That would really brighten g in the cash, especially if it’s centrally controlled not council controlled
All that good will from ‘not being the tories’ about to be wiped,
If you’re not willing to raise funds through taxation of the mega rich (no, not you £100kers) and instead want to tax and strip the working class to the bare necessities then they deserve to lose the next election,
I’ll hold my tounge until the budget is over though
You can really tell who doesn’t read the articles on the sub.
So we clearly aren’t in that bad of a mess.. and the NHS is clearly working well.
Raising CGT wouldn’t have meant properties aren’t sold. Most people sell an asset like a house on the basis of need and circumstances. If they want the capital back higher CGT wouldn’t necessarily mean they hold onto properties forever.
What it would do is begin to send a clear message that HOMES ARE NOT A PRODUCT, and make them less attractive as a passive income stream for the privileged in society who very likely received inheritances.
By exempting landlords from a CGT rise whilst pressing on with the rise for shares and businesses, guess what that achieves? It makes genuine investment in the economy even WORSE in comparison to buying a property and being a parasite, therefore the idea buying property as an investment going forwards actually makes a net gain from this budget compared to the other means of doing so.
So this government is a total sellout on everything.