Ed & Yvette Profit Handsomely
So who did really well yesterday? Not small businessman, wacked with an 80% hike in capital gains tax when they sell their business at retirement. Alternatively if they work themselves to death dealing with regulatory red tape and hand the business on to their children, Brown and Darling will take, compared to the Tories, an extra £560,000* off the bereaved children. So much for rewarding enterprise.If you own two homes you just got a handy reduction from 40% to 18% on capital gains. Is it a coincidence that almost all MPs own two homes? The constituency and Westminster home owners already benefit from a tax-free allowance worth £40,000 annually to pay their mortgages. Now they can sell the taxpayer funded second home and only pay the reduced capital gains - a 55% tax cut for MPs.
Mr and Mrs Balls are paid by the taxpayers quarter-of-a-million a year between them, so hard done by are they that they still claim tens of thousands extra in mortgage subsidy on top. Now with the new changes they will be able to sell that second home you paid for and they will pay only 18% tax on it. No wonder they are laughing...
UPDATE : A co-conspirator reminds Guido not to forget the Miliband boys successful efforts to award themselves an IHT tax cut. David Milband is today living in a £ 1.5 million ultra-fashionable-Primrose Hill townhouse at the centre of a complex inheritance-tax avoidance scheme. He shamelessly exploited a loophole which he used to reduce his death duty bills.When his father Ralph died in 1994 aged 70, leaving a large estate, the Miliband boys agreed a 'deed of variation'. The cunning move meant that 40% of the equity of the Primrose Hill home was transferred to Ed and David, who were each given a 20% share in the house neatly evading the tax bill.
*Could be an incorrect figure, see the debate in the comments. Guido is not an accountant.
47 comments:
Scum. Like their boss.
Which one is Ed?
She looks like an extra from an Agatha Christie murder mystery.
No doubt as good socialists, not wishing to take the bread from the mouths of hungry children, and unwilling to benefit personally at the taxpayers expense, they'll volunteer to pay the tax anyway. I look forward to hearing them say so.
I own a small business and employ a few people.Most of my "savings" are tied up in the business.No second home or fat pension paid for by the rest of us for me.Could a Nulab supporter explain to me why I should continue to work myself to death?
Great news for politicans and bad news for us. Why don't you do an expose on how civil servants spend our money. I know some of those chaps in the NHS get the opportunity to do very expensive MBAs at cost of £40,000 per course. Wish my boss would pay for me to go on one, but sadly we're controlled by the commercial sector where profits and losses actually count for something.
Labour's IHT takes an extra £1.4M, not £400k, from beneficiaries cf Tory proposals.
Also, CGT change means 55% cut in tax on 2nd home, not 45%.
Didn't you once do something financial?
Here we have ministers & MPs justifying their expenses & very, very comfortable working conditions, which they had the unenviable task of voting for themselves.
Then on the other hand many of them condemn postal workers for striking to have their (much inferior) benefits & working conditions simply maintained.
You can smell the hypocrisy of it all.
So come on you MP's who regularly spout about equal opportunities, fairness etc. Put your money where your mouth is, either give us humble workers the same opportunities or stop being so generous to yourselves at our expense.
You do know you can always propose and vote for a reduction in these benefits?!!
Bergen,
For the glory of paying for Ed and his missus to enjoy the high life while all your hard work will be swallowed up in taxes of course.
Your reward will be in heaven, Ed's will be on earth. Why else would the little shit be in politics.
Anonymong,
Typo 45% changed to 55%. I didn't once do typing / proof reading.
Not sure you are right about the £400,000 versus £1.4m difference. Was the Tory proposal transferable?
guido - tell us, how do dave and boy george benefit from the tory inheritance tax plans?
Don't forget that Gordon is once famously alleged to have said about those that lost their pensions "Why should I help them? They're not OUR people".
Anyone who is daft enough to vote for these people again can't say they haven't been warned. Brown is a "wolf in sheep's clothing"
so gordo knows the housing market is about to collapse and is doing everything in his power to prop it up. he knows he will lose the election if property prices collapse so he will do anything to stop it.
affordable housing anyone???
Anonymous @ 11:31 & 11:39 I think I've found the answer. Gordon Brown is a Tory Sleeper!
He has spent the last ten years trying to get rid of the most succesful leader that Labour have had and he is now going to spend the next ten weeks showing what a bunch of useless and incompetent twats he has around him.
The only reason for giving Balls a senior position was to ensure that we all knew that he was perfectly named (and we are not talking Ed!)
nulab = Serially incompetent
Criminally corrupt
anon 11.39
Brown must know that we are on the edge of an almighty house price crash in this country which will destroy any lingering (and thoroughly undeserved) reputation he may still have for prudent management of the economy.
He may be able to tinker round the edges for a bit in a vain attempt to delay it but he is pissing in the wind to put it crudely.
The massive UK house price bubble is about to burst on a scale probably greater than the early nineties, the credit crunch will see to that.
Neither is this some temporary blip which will be over in 12 months or so as some in the Government like to think. This is a turning of the business cycle. A huge structural change in economic conditions which will last several years and which will hit over-indebted nations like Britain harder than most.
And there's really nothing Brown can do about it.
You can't buck the market. Not for long anyway.
David Miliband (grasping fucker wearing the red tie) is the elder son of Polish Jewish child refugees from the Holocaust, Polish-born Marion Kozak and the late Belgian-born Marxist theoretician Ralph Miliband. Like all good Marxists, it seems that his father looked after himself and the boys rather well, leaving them both millionaires.
His younger brother, the economist Ed Miliband (the other grasping fucker with a blue tie!) is the Member of Parliament for Doncaster North , making the brothers the first siblings to serve together in Cabinet since Edward Lord Stanley and his brother Oliver in 1938.
Both his paternal grandparents lived in the Jewish quarter of Warsaw, before his grandfather, Samuel "Sam" Miliband, decided to shit on the Poles who had given him hospitality for years, and joined the Red Army in the Polish Soviet War.
With a background of millionaire Marxists and treacherous turncoats these two should fit in well with the sleazy sphincter of Downing Street.
Re Guido @ 11:28
Tory proposal on IHT is exemption of £1m per estate, so for comparison with Labour's £600k per couple, difference is £1.4M.
As you correctly say in "An Apology to Readers", the Labour policy means essentially no change for anyone who understands how IHT works. The extraordinary thing is that apparently intelligent people fall for this stuff.
A potentially much more interesting change is that to CGT. It removes an incentive to long-term investment in (almost) any asset. Before taper relief, there was indexation. Now both are gone.
The effect of the change on the housing buy-to-let market will also be interesting.
Yvette and Ed. Done me no harm as far as I know but why do I wish to slap both their smug faces?
Ah, I know. I am a man about to be convicted rather than a conviction poitician. Yvette and Ed (Round objects)
Anonymous and Guido:
The difference is £560,000 not £1.4 million - the tax rate is 40% not 100%.
I do something in the City.
Andrew Neil obviously less than impressed - he "slapped" Yvette all over the place on "The Daily Politics" Show - from the non-existent "new" announcement on IHT to challenging her to say what additional "new red lines" were in the EU Treaty as opposed to the previous one despite her the Scrutiny Committee comprising a majority of her Party's MPs saying it was basically the same and Downing Street admitting it was but the "red lines" will safeguard the UK. She was made to look a complete idiot and just kept spouting the party line. Not a good week for Mr & Mrs Balls and their boss
Re Alex @ 1:20pm
What city would that be? Swansea?
"Tory proposal on IHT is exemption of £1m per estate, so for comparison with Labour's £600k per couple, difference is £1.4M."
Difference in exemption is £1.4M.
Yes, I saw Andrew Neil give Mrs Balls a good kicking over the EU constitution (sorry, Treaty). She spent a lot of the time making like a goldfish and swallowing air. Maybe she has been told to do that by her master "Hey, if everyone makes like a goldfish every time someone talks to them then I won't look like such a fucking freak", said Gorgon.
Those Miliblog boys really are clever with the money. You know what they say about those who like the money.
Must be genetic or something...
Guido has found a backbone(r). I like!
David Miliband (grasping fucker wearing the red tie) is the elder son of Polish Jewish child refugees from the Holocaust, Polish-born Marion Kozak and the late Belgian-born Marxist theoretician Ralph Miliband. Like all good Marxists, it seems that his father looked after himself and the boys rather well, leaving them both millionaires.
His younger brother, the economist Ed Miliband (the other grasping fucker with a blue tie!) is the Member of Parliament for Doncaster North , making the brothers the first siblings to serve together in Cabinet since Edward Lord Stanley and his brother Oliver in 1938.
Both his paternal grandparents lived in the Jewish quarter of Warsaw, before his grandfather, Samuel "Sam" Miliband, decided to shit on the Poles who had given him hospitality for years, and joined the Red Army in the Polish Soviet War.
With a background of millionaire Marxists and treacherous turncoats these two should fit in well with the sleazy sphincter of Downing Street.
Nice. I've been to Warsaw. I like!
David had to get the money to buy that baby from somewhere....
How down to earth he is - personally I bought all my children.
Andre Neil gave Mrs Kicking a good Balls licking?
That was a strange outfit Mrs Balls was wearing, it made her look as if her head is shrinking.
In conspiracy theory terms, you're really scraping the barrel here...
Quote "The difference is £560,000 not £1.4 million - the tax rate is 40% not 100%.
I do something in the City"
Cancellor of the Exchequer perhaps, Darling?
I wonder if anyone in the MSM has asked old Digby Jones what he thinks of these CGT changes and their likely impact on small business investment etc - does he think they are a good idea?
"She spent a lot of the time making like a goldfish and swallowing air"
She does swallow, but it's an extra £50 for anal. You don't think she got her job on merit do you?
My father died more than 20 years ago. When my widowed mother shuffles off this mortal coil (assuming that her assets haven't been reduced to zilch by long term care needs etc as she doen't live in Scotland) will the estate be entitled to double whatever the going rate for exemption is at that point? Will it be the exemption level that applied when he died plus the going rate whenever Mater pegs it? Alternatively, as it is highly unlikely that my father left as much as £300K (property prices have increased 10 fold since his death)so will the exemption be the probate value of his will plus 300K or whatever it may be?
I think we should be told - seems a dog's breakfast to me.
By Gordon, the Miliband Brothers are creepy. One would never guess they were of Jewish extraction like Mandelson, Kaufman, Howard et al.
Will Davies said...
In conspiracy theory terms, you're really scraping the barrel here...
Krusty says....
Because that's where the shit tends to cling.
Looking at the changes in CGT, I still wonder why Brown and co can't be honest and index the Gains. Instead there is an unnecessary complex taper relief scheme, which needs careful scrutiny and the advice of an accountant. Why does Darling think that taxes need to be over complex?
Wasn't greatly impressed by Cooper-Balls, she seems to confused about the nature of the Thames Barrier as a flood defence. It protects London from surges caused by high spring tides, but will do little to protect London if there is additonal water pouring through Oxfordshire, and Berks and Bucks.
I'm sure that the citizens of Hull and Gloucs can rest safely in their beds in the knowledge that Yvette Cooper is out of her depth.
This is a government of by and for the talentless.
Caasandra - of course its bollocks. It's total spin. It was supposed to steal Tory thunder, but it's just another non-relief that actually does nothing more than already is available. Just recognise thta Nulabour is not about tax relief but tax and spend. As in spend our money to buy them power. Decietful isn't in it. Lola
I am glad there are no wealthy types in the tory party. Wow this vindictive hatred is so wonderful.
This 'deed of variation' ploy is well known and widely used, as you would discover by asking your aquaintances.
Over heard in Downing Street's leafy shade:
"Oh Balls Balls!"
Ed, for tis he, "Yes my Master"
"Help me quickly, I seem have got a clunking fist stuck up my arse!"
look at any estate agents - that miliband house is worth double what it's been reported to be worth. the scandal is deeper...
anon 10.57 - yes it's all about rich bastards isn't it? That must be why nulab is so keen on screwing the small family business, with the double tax hike (CGT and rates). It just wasn't enough to increase their tax by 3% in the last budget. One day you lot might wake up and realise that small businesses actually contribute most to the economy and without them, britain is finished.
Balls/Cooper are only marginally less disgusting than David Mills. Mills is an appaling parasite. A career spent arguing for higher tax for most people while working out tax avoidance schemes for his rich mates.
Plus he was a consiglieri to an italian guy who was selling rotten blood for transfusions.
I guess Tessa didn't know about that either. How do you avoid realising your partner is a despicable hypocrite?
ron vibentrop, well done for copying and pasting from Wikipedia.
Any Jews who decided to join the Red Army in the Polish-Soviet war were not 'shitting on the Poles who had given him hospitality for years'. Poland had not been in existence as a country until 1918 (a year before the Polish-Soviet war started) and so it was not the Poles themselves who had 'given hospitality' to the Jews for years. Warsaw, and much of the rest of Polish territory, was under Russian control.
And even so, the Poles hadn't exactly offered much hospitality. Jews were ghettoised, the victims of pogroms, and generally treated as second-class citizens (not that the Russians treated them any better of course).
I thought that the country had existed since 900 and something, so maybe my error. Still, they are still a couple of grubby little shits on the make.
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