I haven't seen any mention of the fact that the new CGT regime is another stealth raid on the elderly (pensioners?).
For, if they have held investments for many years, the effect of indexation and taper relief was to allow them to realise much more than the CGT allowance without having to pay any CGT.
Being a Scot of a certain age, educated at an ancient Scottish university, I know the type of person Brown is - could write a book about it. You think Blair was bad - you ain't seen nothing yet.
I agree.... mind you he started the rot by bringing in stepped relief post
1998... that was the writing on the wall as far as I was concerned because the indexation allowance on some shares that I had from 1969 meant they were worth bugger all in theory but I got 12K from them in reality.
The purpose of any investments held by the more elderly may well be likely to be for their retirement, but the less elderly invest too, not necessarily for their retirement, but rather to make money for funding their lifestyle.
Are retirement investments likely to have been made with a view to living off the income generated by those investments or with a view to living off the proceeds of selling them?
They can sell their investments (if that's what they want to do) at a suitably low rate so that any gain realised does not exceed the annual CGT allowance, and balance that with non-investment income, maximising the use of *both* the personal income tax allowance and the *additional* CGT allowance.
Someone over 64 can have an "income" of £26k and not pay any tax at all, provided no more than £7550 of it is "normal" income (e.g. from a pension and from bank interest) and the rest comes from selling investments of which no more than about half the proceeds represent gain.
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