Helen Miller
speaker
436 appearances
4 recordings
1 series
first heard Apr 2026
last heard 3 Sep
Helen Miller’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 4 in all, peaking in Sep 2026 with 1.
Appearances
And it has a large capital gain.
Yeah.
It depends.
If it's actually that Chris is just really great at running soft play centres and he's put a lot of effort in, made a really shrewd investment, he gets a big gain, then actually most of that gain should be taxed like earned income.
Because why should you pay less money than Joe who's just worked hard for a salary?
But if all that's happened is you've bought an asset and you've held it for 10 years and inflation's happened and actually it's just risen in line with inflation, you haven't made a real gain.
You're no better off than you were before.
So whacking a big tax on that actually disincentivises you from doing it in the first place because now you're worse off than you would otherwise have been.
That's one example of a broader set of issues where...
The capital gains tax is designed in such a way that it actually disincentivises investment.
So if you just put up rates, you make those problems worse.
And that's why we've had this yo-yoing effect of capital gains over the years, where some politicians say, oh, I see the unfairness problem, we'll put rates up.
And then some say, oh no, entrepreneurship and investment, let's put the rates down.
And around and around we go.
So the kind of solution to this is to realise that you can do two things.
You can fix the tax base, so don't be taxing inflationary gains, and a whole bunch of other things you can do that are more technical...
that we could talk about, but I won't start a tax lecture.
And then with a more sensible, the designed capital gains tax that isn't discouraging investment, then you can part breaks.
It is a lot of work.
So the good news is that many of us have been thinking about this for years.
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