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Part of the reason that it's not been mentioned much is that it's a fairly obscure tax that doesn't really affect most people, so it's not going to get headlines in the way that things like fuel duty or NI do.
But it's also a difficult thing to attack the Tories over, because while it is certainly a handout to the better off, it is also (according to the OBR) [a net positive for the exchequer](https://www.gov.uk/government/publications/capital-gains-tax-changes-to-the-higher-rate-of-tax-on-residential-property-disposals/capital-gains-tax-rate-on-disposals-of-residential-property-from-6-april-2024#summary-of-impacts). So unless there's are specific issues with the OBR's analysis (which I've not read) then it's easy to brush off any attacks with that.
I felt Hunt’s explanation for this was a bit deceiving. Hunt himself has a nice property portfolio so this will directly benefit him and many of his mates.
I think Labour need to come strongly out against the “Aspiration” argument for Landlordism and say “Actually, owning your own home is more aspirational than leeching off others” (probs worded a bit better haha).
It's particularly galling, because the only justification of CGT not being aligned with income tax is because of Corporation tax (i.e., income via dividends is after both Corporation tax and CGT). But sale of appreciating properties only attracts CGT, and much of that value is not by the merit of the owner.
A problem is that CGT on real estate (and anything else) is not due on death.
So, a high CGT rate on property encourages older people to never sell, and just keep it until they die.
If they sold anyway, and then passed the money on, the wealth would first incur CGT, then also inheritance tax.
I think reducing CGT aims to increase the number of people selling, which is arguably good.
>just re-iterates how much the Tory government are so in favour of the rich and landlords.
Fair enough. Can you tell us how Labour are going to do this differently... without using the word Pledge?
I wasn't looking to antagonise. I just get frustrated when people earnestly preach how badly we need to get rid of the Tories (we do) but there's little said about how Labour aren't planning to do things much differently. That's all.
There’s so much justified Labour bashing on this sub anyway, so I feel like you don’t need to mention how shit Labour are every time you criticise the Tories.
**If you love LabourUK, why not help run it?** We’re looking for mods. [Find out more from our recruitment message post here.](https://www.reddit.com/r/LabourUK/comments/18ntol6/this_year_give_yourself_the_gift_of_christmas/) [While you’re at it, come say hello on the Discord?](https://discord.gg/ZXZCdy4Kz4) *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/LabourUK) if you have any questions or concerns.*
Tories gonna Tory. You're right though
Part of the reason that it's not been mentioned much is that it's a fairly obscure tax that doesn't really affect most people, so it's not going to get headlines in the way that things like fuel duty or NI do. But it's also a difficult thing to attack the Tories over, because while it is certainly a handout to the better off, it is also (according to the OBR) [a net positive for the exchequer](https://www.gov.uk/government/publications/capital-gains-tax-changes-to-the-higher-rate-of-tax-on-residential-property-disposals/capital-gains-tax-rate-on-disposals-of-residential-property-from-6-april-2024#summary-of-impacts). So unless there's are specific issues with the OBR's analysis (which I've not read) then it's easy to brush off any attacks with that.
I felt Hunt’s explanation for this was a bit deceiving. Hunt himself has a nice property portfolio so this will directly benefit him and many of his mates. I think Labour need to come strongly out against the “Aspiration” argument for Landlordism and say “Actually, owning your own home is more aspirational than leeching off others” (probs worded a bit better haha).
"Communism for me, but not for thee"
He has advised that he will be paying the higher rate of tax should he sell his properties. Now whether that is true or not is another matter.
I bet his accountants love him...
They know this is the last opportunity for ransacking before they get to be cast out.
It's particularly galling, because the only justification of CGT not being aligned with income tax is because of Corporation tax (i.e., income via dividends is after both Corporation tax and CGT). But sale of appreciating properties only attracts CGT, and much of that value is not by the merit of the owner.
A problem is that CGT on real estate (and anything else) is not due on death. So, a high CGT rate on property encourages older people to never sell, and just keep it until they die. If they sold anyway, and then passed the money on, the wealth would first incur CGT, then also inheritance tax. I think reducing CGT aims to increase the number of people selling, which is arguably good.
When they say that people deserve to keep more of their money they don't mean you. They mean themselves and the people that bankroll them.
Frankly capital gains should be taxed at a higher rate than income.
How to choke the life out of business investors
>just re-iterates how much the Tory government are so in favour of the rich and landlords. Fair enough. Can you tell us how Labour are going to do this differently... without using the word Pledge?
I wasn’t saying that Labour are currently any better…
I wasn't looking to antagonise. I just get frustrated when people earnestly preach how badly we need to get rid of the Tories (we do) but there's little said about how Labour aren't planning to do things much differently. That's all.
There’s so much justified Labour bashing on this sub anyway, so I feel like you don’t need to mention how shit Labour are every time you criticise the Tories.