Quote:
Originally Posted by spence
Actually, it looks like the UK is now using two rates for capital gains, 18% for lower income and 28% for the rest which would include anyone really making much money. They also allow for the first 5,300 pounds to be exempt from all capital gains.
So while still not income, I thought you said it was income? it looks like the UK is taxing carried interest at a much higher rate than the US.
-spence |
this is perfect...thanks for pointing it out
sooooo....
the problem...favourable tax rates on "carried interest" attracted political controversy....
the argument.....and since "income is income" it is unfair and "carried interest" should be taxed as earned income and not as capital gains
solution....raise the tax rate on
All capital gains by 8%....I know there are exclusions for low earners, we have them too(some might call these "loopholes") instead of whacking earned interest as capital gains as we originally argued, we'll just whack all capital gains...it's more money...it's fairer...sort of...and probably "for the children"
solution?....carried interest continues to be treated as gains and not income
another problem....still not fair enough....need more money to fund the nanny state
solution....raise capital gains on high earners to 28%
wow, that's even more than last time!!!
arrrrgggghhhhh...carried interest continues to be treated as gains and not income
and thank your lucky stars it wasn't worse....because...
"There had been speculation that CGT would be lifted to
40pc as the Liberal Democrats had promised before the election, or even 50pc in line with the top band of income tax.
The move was seen as a key victory for the Lib Dems."
no doubt
Budget 2010: Capital gains tax rate increased to 28pc - Telegraph
this shows you that lib dems are pretty much the same wherever you go
I imagine they'll get their 40,50 eventually...just keep pecking away