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Capital Gains Tax, annual allowance

Comment 6th July 2010

I would like Capital Gains Tax to be abolished but I must be realistic and I accept that some form of tax on gains is necessary. The present system of tax and annual allowance is very unfair. If you are able to regularly "churn" your assets then you can make good use of your annual £10,000 allowance. If you invest for the long term then you cannot use any of your annual allowance and it is all lost. My suggestion is that any annual allowance not used may be rolled over. This would give every individual the same lifetime allowance.

Why does this matter?

This would encourage long term investment and help people to prepare for life's significant expenditures such as retirement, a period of unemployment or ill health. In the long term this would encourage investment rather than short term gain and help to reduce the pressure on the welfare state.

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