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.
- posted 10 years ago