James Kirby

But that one wasn't leaked, for instance.

Just about most of this budget was leaked in various ways.

through the media.

And that's why we have been talking about it for some time.

But let's talk about what we know now, what we know, what we found out, and what you as an investor can do from here.

So Will, this capital gains tax, just to refresh everyone's memory on this, how it works for a long time since 1999 is that if you make a profit on any investment, okay, a property, shares, anything, sell a business,

you are taxed at your marginal rate.

We'll assume your marginal rate is the highest marginal rate.

Just make it simple, 47%.

However, if you hold the asset for more than one year, you get a 50% discount on the tax you are... on your tax bill.

Which...

has been very useful for many people for a long time, particularly because that was introduced to cover inflation-related issues.

And inflation was very low, as you know, in the past, for much of the period, actually, that this has been in place since 1999.

Now the government has changed the game and they're going to go back to the old system where every year the tax assessment will be adjusted for inflation and it is going to sharply increase under almost any scenario you can imagine.

It's going to sharply increase the amount of tax you pay on a property, on shares.

We might just start with property, Will.

And to make it simple for everybody, I'm going to talk about property first, though.

I will do a full property special show next Tuesday with Stuart Weems.

So look out for that.

But just on property, they seem to have been hit hard as well because they get, number one, they have CGT arrangements have changed where they have effectively a higher tax.