Is the government planning a capital gains tax raid? The possibility that, in her first Budget later this month, chancellor Rachel Reeves will push the rates into the stratosphere has created quite the tizzy - and prompted fierce government denials.
In advance of 30 October, we're already seeing more leaks than Thames Water in a hot summer. The fuss over CGT has been caused by reports that the chancellor is considering pushing it up to as much as 39 per cent for higher-rate payers.
While an increase to that level has been pooh-poohed by the government, that doesn't mean some sort of rise is off the table. Au contraire. And it could be quite a biggie. Why is this a problem? Before we get to that, it makes sense to run through how this tax - which only a minority of Britons will ever encounter works.
CGT is paid on any profits made by selling assets over and above a threshold of £3,000 (this year). Think second homes, stocks and shares, even art. How much you pay depends on what you're selling and what your tax rate is. Basic-rate income taxpayers are supposed to surrender 10 per cent on gains from most assets, 18 per cent on residential property such as a holiday home (your primary residence is exempt).
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Absurd image that sums up Fifa's 'tinpot dictatorship'
Miguel Delaney explains how the Gianni Infantino-led endeavour to hand Saudi Arabia the 2034 World Cup finals perfectly encapsulated the depths to which football has sunk
Liverpool spoilt for choice in battle to look after No 1
The big screen in the corner of the quaint Estadi Montilivi displayed some pre-match entertainment.
City slump to defeat and Champions League peril
It amounts to miserable seven for Pep Guardiola.
Sublime Saka scores brace as Gunners boss Monaco
Bukayo Saka continues to show the way, as well as new levels. Arsenal have recently been a team in need of a bit of stability and sense of comfort, and this 3-0 win over AS Monaco duly offered them a straight line into the Champions League last 16.
Boots owner in negotiations with US private equity firm
Walgreens, the US-based owner of Boots, is in talks to sell itself to a private equity company, casting uncertainty over the future of the venerable high street chain.
Ukrainian women pulled alive from rubble seven hours after Russian strike
Rescue crews working through the night have pulled two Ukrainian women from the rubble more than seven hours after a Russian missile struck a private medical clinic in southern Zaporizhzhia city, killing six people and injuring 22 others, Ukraine’s emergency services said.
Putin helped Assad escape Syria via Russian airbase
Russian intelligence agents persuaded Bashar al-Assad to flee Syria for Moscow, having become convinced that he would lose against the insurgents rapidly advancing on Damascus, sources have said.
Syrians vow to rebuild their town after Assad's brutality
Bel Trew in Jobar, north of Damascus, meets residents returning home for the first time in more than a decade
British teenager jailed in Dubai over holiday romance
A British teenager has been jailed in Dubai for having sex with a 17-year-old girl while the pair were on holiday.
NHS patient awarded £70k after drug made him gamble
The NHS has paid out tens of thousands to a man who developed an “uncontrollable” gambling problem after he was given a common Parkinson’s drug, The Independent can reveal.
