A decision on whether the Government will adopt a capital gains tax (CGT) is imminent after almost 10 years of campaigning by Labour. With the prospect of a CGT looming, discussions about the pros and cons of such a tax have ramped up - so here are the arguments for and against it. Tax Working Group recommends capital gains tax Capital gains tax: Could Winston Peters change his mind? Watered down capital gains tax would prove New Zealand First is in charge Capital gains tax refresher The Government has said it's trying to make the tax system fairer because capital gains largely go untaxed in New Zealand, while people who work for a living are expected to pay up a portion of their income. Profits made from the sale of assets and investments such as rental properties and shares would be taxed just like income - if the Tax Working Group's recommendations are accepted. The tax would be set at the income-earner's top income tax rate, which would likely be 33 percent for … [Read more...] about Capital gains tax explainer: The arguments for and against
Proposed superannuation changes
This is an exciting time for tax folk. Normally, when you are asked at social gatherings what you do, the response "I work in tax'' clears the room. But these days, people actually want to engage. So clearly I need to make some conversational hay while the capital gains tax (CGT) sun shines, because in all likelihood, this is going to be a fizzer in the end. As we all know, despite the posturing and calamitous claims in the media by both proponents and opposers of a CGT, where this lands is fundamentally a political decision to be determined by assumptions around the hearts and minds, and votes, of middle New Zealand. The Government, in my view, is truly in an unenviable position in that the original rationale for the review of the tax system itself has been lost in the noise and, based on sound bites, it appears that the electorate itself has some real concerns about the idea of a CGT, let alone the underlying detail. One poll had circa 54% of the electorate (and 42% of Labour voters) … [Read more...] about Politics, not finance, will determine fate of capital gains tax
Wales 22 February 2018 comments Share this with Facebook Share this with Messenger Share this with Twitter Share this with Email Share this with Facebook Share this with WhatsApp Share this with Messenger Share this with Twitter Share Share this with These are external links and will open in a new window Email Share this with Email Facebook Share this with Facebook Messenger Share this with Messenger Messenger Share this with Messenger Twitter Share this with Twitter Pinterest Share this with Pinterest WhatsApp Share this with WhatsApp LinkedIn Share this with LinkedIn Copy this link https://www.bbc.com/news/uk-wales-43144080 Read more about sharing. These are external links and will open in a new window Close share panel Staff at Welsh universities have walked out in a dispute about the UK's biggest pension scheme, bringing disruption to lectures for … [Read more...] about Lecturers strike over pension deadlock
0 Post a comment Sunday, 3 February 2019 - Politics The government is making progress on the public pension deficit, but it can’t just wave a wand to make it disappear. That was the warning from Policy and Reform Minister Chris Thomas MHK at this month’s meeting of the Positive Action Group.Mr Thomas, who was invited to detail progress made on the £3.7bn pension deficit began his spellbinding talk by discussing the dark art of magic.Perhaps embracing a government desire to pull a rabbit out of a hat, he said: ’Politicians and magicians have the same last six letters but that’s where the similarity sadly ends.’I am no magician, I can’t just wave a wand and make the pension deficit just go away.’Mr Thomas said that the pension deficit is both a historical and current problem for the island to resolve and one which before 2006, little was done to fix.However, he said that the island’s position has improved. A projected shortfall … [Read more...] about No magic solution to pension deficit
It’s been a hard year for universities. 2018 started with the biggest industrial action ever to hit UK higher education as staff walked out in a row over pensions at more than 60 institutions, including four in Wales. The year has ended with a Vice Chancellor and senior staff being suspended and two universities announcing job losses as funding cuts bite. This follows job losses last year and the prospect of further job losses next year. On top of this applications have fallen again and the uncertainty of Brexit threatens research and collaboration. We look at some of the pressures facing our universities in Wales and ask what is causing them. Falling numbers of applications Applications to universities in Wales fell 6.3% this year. That's the second year in a row of declining total applicant numbers after a 6.2 per cent fall from 2016 to 2017. Wales was the worst-hit UK nation. The number of Welsh students getting a place was down 3.5%. The number from the rest of the UK was … [Read more...] about What’s going wrong at Wales’ universities?