Capital Gains Tax Doubling in the UK

Capital Gains Tax Doubles in 2021

Capital Gains Tax is a big one. There was a report of capital gains tax doubling. But it's not going to affect you that much.

Capital Gains Tax doubling let's talk about that because this is a big one or could be a big one

I think the reality of that is that yes, there was a report of Capital Gains Tax doubling. Right now it's 10 and 28% depending on your your marginal rate tax and you know so it could go and meet the rate tax but look do I think it's that much of a drama? I don't think it's that much of a drama for most people. Because if you think about when was the last time that you sold a property? When was the last time you sold multiple properties in one year? When was the last time you sold even three or four properties in one year?

It's a very different market in Scotland, it's a smaller market. There's some fundamental changes namely oil and gas with all the issues there and that I know Aberdeen and a few of those places house prices have dropped considerably. So, it 

Capital Gains Tax doubling is not going to affect you that much. Look at the end of the day if you're paying 40% tax rather than 28% it's an extra 12% and that can have a big effect you know but it's not set in stone doesn't mean that it's going to happen. Rishi actually said that he doesn't he'll he won't raise taxes you know to recoup that money and I don't think he needs to as I said before they're borrowing at very cheap rates over long periods the repayments are very small and affordable. It's not like there's huge interest rates and actually if you look at the interest rate predictions it's not like they're going to go up massively.