Possible plans ï¿½3bn land sale tax

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Treacodactyl
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Joined: 28 Oct 2004
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Posted: Fri Dec 02, 05 12:44 pm Post subject: Possible plans ï¿½3bn land sale tax
It looks like the government is planning a tax on landowners who sell sites for property development: https://news.bbc.co.uk/1/hi/business/4491558.stm It's something to note if you plan to buy a piece of land as I assume it will put the prices up somewhat. I'm not sure how this will encourage people to make brown field sites available and it just seems like another stealth tax to me.

Behemoth

Joined: 01 Dec 2004
Posts: 19023
Location: Leeds

Posted: Fri Dec 02, 05 12:48 pm Post subject:
Not really a lot to go on there. Does apply to greenfield only?

Treacodactyl
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Posted: Fri Dec 02, 05 12:56 pm Post subject:
I'll have a bit of a google tonight but I read it as more of an attempt to get tax from somewhere rather than a plan aimed at doing anything. I can see the next couple of budgets being rather 'interesting' to see what other forms of stealth tax Brown can come up with before he bites the bullet and raises income tax.

Behemoth

Joined: 01 Dec 2004
Posts: 19023
Location: Leeds

Posted: Fri Dec 02, 05 12:59 pm Post subject:
I'm waiting for the populist and justifiable move to raise the level of inheritance tax - but the 'loss' will need to be made up somewhere.

Treacodactyl
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Posted: Fri Dec 02, 05 1:03 pm Post subject:
Reading the small print in the pension reforms IIRC they are thinking of increasing IHT. They also suggest adding 2p on employee NI and 2p on employer NI. It wouldn't be too bad if they hadn't already done that rather than raise taxes in an honest way.

Behemoth

Joined: 01 Dec 2004
Posts: 19023
Location: Leeds

Posted: Fri Dec 02, 05 1:12 pm Post subject:
Well NI is supposed to pay for pensions so I suppose that's the honest way of increasing the size of the pot. Hadn't seen the bit about inheritance tax but as most people now only incur it due to the rise of property prices it would no doubt make logical sence to start taxing people on their property profit when they sell, after all it's unearned income.

Treacodactyl
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Joined: 28 Oct 2004
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Location: Jumping on the bandwagon of opportunism

Posted: Fri Dec 02, 05 5:54 pm Post subject:
Looks like the BBC has added more to the article in the above link. Full details to be anounced on Monday.

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