TAX NEWS - JUNE 2010

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UK capital gains tax

These citizen shareholders should be the heroes of austerity Britain. They have never demanded help — unlike the bankers or the benefits claimants — and should be feeling safe as the rain sets in.

They have provided for their families and their old age. These shareholders may be ridiculed as dull and predictable goody-goodies but they didn't want to be a burden on the next generation.

... Yet the new coalition Government has clobbered them. Most of them wouldn't mind paying more VAT; they understand the need to tackle the £163 billion deficit. But now they may be asked to pay 40 or 50 per cent in capital gains tax, an increase of at least 22 per cent on savings that have already been taxed.

... This is an attack on the super-rich — the ones with swimming pools in their basements — whom we all love to hate. But it isn't. The super-rich will find ways around the 40 per cent tax, even if it means leaving the country, or they will invest overseas: capital gains tax (CGT) is only 15 per cent in America, 10 per cent in China and 0 per cent in Switzerland.

Instead this tax will be paid by elderly Britons cashing in their nest eggs.

Eighty-eight of you commented online and more wrote letters. Now's your chance to have your questions answered and your arguments debated.

Send them in via the comments box below. We'll collect them and on Thursday Alice will take to the Times' video studio, where she'll answer as many of them as possible, live. So, in effect, you can turn the tables and interview her.

You dictate the questions, and we'll publish her reponses to them online on Thursday at 1pm.
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