Via Prison Planet.com » Prison Planet
James Kirkup and Andrew Porter
London Telegraph
Monday, May 24th, 2010
Workers who have saved to invest in shares and property will face higher taxes on their assets, the Government confirmed.
The Queen’s Speech ended hopes of a climb-down on tax rises for the middle classes, with an unqualified commitment to increase capital gains tax. It also set out plans to raise taxes on the pay of those earning more than £45,000 and paved the way for bringing forward an increase in the retirement age.
As part of the coalition deal between the Conservatives and the Liberal Democrats, David Cameron accepted many of the principles of Lib Dem tax policy.
Drawing protests from some senior Conservatives and many Tory voters, the coalition is drawing up plans to make middle-ranking professionals pay more tax while low-earners pay less. The most controversial proposal is for an increase in CGT, the tax applied to sales of assets including second homes, buy-to-let properties and share portfolios.
