Amid the furore over hospitality gifts, free suits, spectacles, and freezing OAPs, the Labour government’s ‘honeymoon’ period has ended faster than a British summer.
The combination of scandals and unpopular policy decisions has likely accelerated the end of its initial period of grace, with criticism mounting at a pace few had anticipated.
I have a real sinking feeling. The new Labour government first targeted low-income pensioners removing their heating allowance with winter just around the corner. If they can hit OAPs so hard, what is in store for the rest of us?
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Labour’s first budget is on October 30th, and it looks like we could be in for a horror show on the eve of Halloween. New government policies are like colanders; no matter how tight the lid is something always leaks out. Unfortunately, the leaks suggest a ‘black hole’ of over £22 billion and an impending higher tax burden for most of us. The first thing in the crosshairs of our new chancellor is Capital Gains Tax.
A few years ago, you could make £12,000.00 profit on your investments before you were taxed, today this is slashed to just £3000.00, and now rumours are swirling that this allowance could be removed altogether. To make matters worse, the percentage paid on capital gains could rise too in a double whammy. If the rumours are correct, the strategies adopted now could see investors suffer or succeed.
However, there is a silver and gold lining to this oppressive tax cloud: British legal tender coins. All gold, silver and platinum bullion coins produced by The Royal Mint are CGT-free investments; anyone holding them will keep 100% of all profits made and not have to share any of it with the government. Gold coins are also exempt from VAT so are a double win.
Over the last five years, gold has soared over 70% and has historically performed incredibly well during times of fear and uncertainty (sound familiar?). It’s therefore no surprise that this precious metal has always been the ‘go-to’ asset for wealth protection. If what’s reported to be on the horizon comes to pass, gold will likely become even more alluring to those looking to keep more of their hard-earned money.
