Dr Aaron Advani
speaker
49 appearances
1 recordings
1 series
first heard Oct 2024
last heard Oct 2024
Dr Aaron Advani’s voice in public audio — every appearance, attributed to the second.
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Appearances
They are right to be suspicious.
It's more like 350,000 to 400,000 in any given year.
So last year, it was about 370,000.
Wow.
That's a big error.
Yeah.
I think probably what Andrew Mitchell was identifying is something that is actually an unusual feature of capital gains tax, which is that it is absurdly concentrated.
Yes.
And so he was probably remembering the statistic that 12,000 people pay something like two-thirds of the tax.
And that was probably what he had in his mind and didn't remember that, well, there are quite a lot of other people who are paying some tax.
It's just a much lower level of the capital gains tax.
So HMRC's numbers are that if you were to increase the top rate of capital gains tax by 10 percentage points, so the top rate is currently mostly 20%, although there's a few other rates.
If you increase that by 10 percentage points, it's almost a 50% increase.
You would think on a base of £14 billion, that should add £7 billion.
But actually, they forecast that within a couple of years, you're actually losing £2 billion.
Capital gains tax is paid specifically when you choose to sell the asset that you own.
And the thing about that is that you can choose when you sell.
So you don't have to sell today or tomorrow.
You could choose to hang on to something longer.
You could even hang on to it and then leave the country and it'll be completely out of capital gains tax because you can sell after you leave and then we don't charge you, which is unusual because most countries would charge you on the capital gain you'd built up over the time you'd been.
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