Kel Galavan

And historically that worked, but it's not going to work in our current scenario when you have a whole generation that may not be able to buy a home, let alone become a real estate empire owner.

And when it comes to investing, because we have what I see as an older system that leans towards real estate, you're scuppering a whole generation of actually growing money off their own back and actually taking the initiative.

And I personally believe that if you did streamline the tax system,

It would be one way to democratize wealth in this country because you suddenly make investing much more straightforward, much more possible.

And over time, potentially, it's that one thing to push us over the edge to become independent and reach for financial freedom and have that security, as opposed to waiting with bated breath to see if the government comes up with this amazing one hit wonder saving scheme.

So I'll break down the two very briefly.

So when it comes to capital gains tax, let's say you put, give me a number.

Yeah, perfect.

100 euro in.

And after a certain period of time, let's say it grows to 150.

Well, you will only pay tax on the 50 euro.

Right.

Now, with capital gains tax, the first €1,270 per year...

is tax-free.

So that technically will be tax-free for you.

But if you had a larger number, you could get that tax-free, but that's your 33% capital gains tax.

And it's the products that I mentioned earlier, real estate, individual shares, things like that, which aren't suitable for most people.

When it comes to your exit tax and deemed disposal, there is no tax-free threshold.

It is a flat 38% on all your profits.

Yikes.