Ra-ra-ra, inheritance tax cuts and capital gains tax changes. All sounds lovely. But let's analyse the real consequences of the latest budget, not the guff and nonsense spouted by Alistair Darling.
There are some circumstances in which you might consider yourself a winner. Basically, if you are a well-off couple who had done no previous tax planning, your children will benefit. And if you own a second home or a fleet of buy-to-let properties, you will be considerably better off when the new flat rate of CGT is introduced in April next year. From that point, even a higher rate tax payer will pay only 18% on capital gains. Non-domiciles also get off lightly, now being allowed 7 years tax free in Britain before having to cough up a penny.
So, if you are already pretty rich and were too lazy or stupid to make inheritance tax arrangements, you are quids in. And that's pretty much it for the winners.
What about the losers? Well, that includes anyone who had already spent time and money setting up an inheritance tax trust; first-time home buyers; anyone who had invested money in bonds; workers who invest in company save-as-you-earn schemes; savers with windfall shares; anyone saving in to a pension scheme and anyone who drives a car.
So, if you are trying to buy your first home, live outside of London where public transport is universally crap, or are planning for your future and trying to save for retirement, you have been screwed.
New Labour is truly the party of the super-rich. If you are working or middle class, you have been repeatedly screwed by this government. I think they believe that the destruction of the middle class will solve the problem of social mobility but the reality is it does not improve the situation for the needy, it just makes more people needy. Meanwhile, the super-rich are laughing all the way to the bank to withdraw big piles of cash with which to bribe government ministers.
Those that suggest that the increasingly repulsive Gordon "is a moron" Brown is a real socialist need their heads examined. You need only to have seen him egging on his Chancellor like some wart-ridden jockey to realise that he is still the architect of all things budgetary. Then he topped it all off with a tantrum-laden, foaming mouth performance at PMQs. Pathetic, odious, vile.
Bastards ... slimy bastards all over the world!
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