CGT - where do they get those idiots Chancellors from?

Question

There was a time, not so long ago when it was possible to calculate one's REAL CGT from the inflation table. Then - and I am a Scotsman, AND I have always believed that GBrown was a total idiot, just to watch him trying to speak (I've known a few - some were even my friends 50 years ago ).

So, the idiot introduced Taper relief, as if that made any sense whatsoever. The He decided that that both those reliefs were rubbish (Actually, HE was rubbish, as I always said). Apart from his other blunders!!! Now - if you bought a house for 50 in 1850 and sold it for $500,000 today, you are deemed to have made a Capital gain of 495,000. What nonsense - just what I would have thought a Scottish son-of-the-manse' idiot would have been capable of supposing.

GOG p.s. I have no such house, in case you imagine that I am a millionaire - some hope.

Dan Charette · Accepted Answer

If you bought a house in 1850 and sold it today you would be a very old man.

Ronald Raygun · Answer

Even if you bought it in 1950 you'd be no spring chicken.

Gordon H · Answer

In message , GOG   writes If it is your main residence, why would you have to pay CGT?

Gordon H · Answer

In message , Ronald Raygun   writes Let's just stop this right here, before you get to 1961, please!

Ronald Raygun · Answer

Is that when you were born, or bought your house?

It'd make the difference, to continue the chicken analogy, between still being top of the pecking order on your free range farm and being, well, ready for the stock pot.

Gordon H · Answer

In message , Ronald Raygun   writes I'm not ready for the stock pot yet, just pushed further down the  pecking order by the budget, because I'm a pensioner with a modest  company pension.

Peter Saxton · Answer

Yes, it's nonsens because you would have to convert the $ into £ before you can calculate any gain.

CGT - where do they get those idiots Chancellors from?

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