Families Face Huge Capital Gains Death Tax Under Burnham

Capital gains tax hike fears grow as households told not to 'panic' ahead of rumoured HMRC raid

Households are being told not to panic ahead of a rumoured capital gains tax (CGT) raid coming into effect in the near future.Speculation is rife that the likely next Prime Minister Andy Burnham will introduce CGT reforms that will see families paying more on the profit made by selling assets.Personal finance specialists at thimbl are urging families to avoid hasty financial choices in response to speculation about possible capital gains tax ref…

Families face huge capital gains death tax under Burnham

Bereaved families could face a huge tax bill under an Andy Burnham premiership if the likely next Prime Minister presses ahead with a policy to hike capital gains tax on assets of the deceased. Supporters of Burnham, including the former health secretary Wes Streeting and ex-transport minister Louise Haigh, have said previously they believe wealth in the UK is undertaxed and have called for reform of the capital gains tax (CGT) system. Among the…

Andy Burnham could slap homes that have gained £500,000 in value with £120k bill

Mr Burnham and his allies have reportedly been mulling over changes to the so-called capital gains tax (CGT) “uplift on death” rules.

Could Andy Burnham raise capital gains tax?

Rumours are already swirling about what changes Andy Burnham could make if he were to win the Labour leadership contest – including a shake-up of the capital gains tax regime.The MP for Makerfield looks more-than-likely to gain the keys to Number 10 later this month and is said to be considering Wes Streeting as his chancellor.Should Streeting take on the role, he could look at reforming capital gains tax (CGT) in attempts to drum up much-needed…

Families told to hold their nerve as inherited property tax fears swirl

Families spooked by reports that the capital gains tax ‘uplift on death’ could be scrapped should treat the speculation as a prompt to get organised, not a reason to offload property in a hurry, personal finance experts have warned. The intervention from personal finance firm thimbl follows reports suggesting a future government could remove the uplift rule, under which someone inheriting a property is treated as acquiring it at its market value…

Inherited property faces £120,000 tax bill under reforms

Property owners could face tax bills of nearly £120,000 on inherited homes under proposed capital gains tax reforms, according to analysis from Rathbones. The research examines the removal of CGT uplift on death and alignment of rates with income tax bands. The post Inherited property faces £120,000 tax bill under reforms appeared first on PropertyWire.