Sunday, 7 April 2024

Show The Evidence Or Come Clean Angela

The British Tax System is a bit of a minefield which i why i pay someone to do mine and avoid coming home to find someone from HM Revenue & Customs wheeling my TV out the door to pay a tax bill so i have no idea if Labour's Angela Raynor has been caught red handed not paying her Capital Gains bill when she sold her home and moved in with her husband, but i know a man at the Tax Policy Associates who does.   
Ms Raynor says she took professional advice and said: 'I was not liable for capital gains tax because it was my home and the only one I owned' and the HMRC website states that: 'You may have to pay Capital Gains Tax if you make a profit (‘gain’) when you sell (or ‘dispose of’) property that’s not your home' so simply i asked him if Angela Rayner failed to pay CGT on her house sale and the answer was an unsatisfactory, she may have, it depends.
We know Angela Rayner bought her house for £79,000 in 2007, married in 2010 and moved into her husbands home and sold her property in 20215 for £127,500, making a profit of £48,500 and this is where it gets murky because she chose her husbands address as her main residence, meaning that was where she lived so her other home was a 'second home' and when sold, Capital Gains would have been due on it, an estimated amount of between £3,000 and £1,500 once expenses, improvements and other things are taken into account.
It could be that she spent more on improvements and expenses than being estimated therefore she doesn't owe anything but with Labour seeming to be heading for power, they don't need a scandal over whether the Deputy Prime Minister 'dodged' paying her fair share of tax akin to the Nadhim Zahawi case to explode in their faces before they even set foot in the door.
Angela, who i have a lot of time for, should either publish the advice she got and clear her name or get further advice from a  tax expert and if she made a mistake, hold her hands up, admit to it and make good the tax she owes because most people would understand that our tax system is fraught with difficulty and a mistake was made, what the British people won't accept is a politician gaming the system to avoid paying tax while forcing them to pay it.
Let's not start a Labour Government with a call of they are just as corrupt as the ones we just voted out.