I should start by saying, I am trying to find out information in good faith and have done a bit of research that was largely unproductive thanks to all the spin and “expert commentary”.
My understanding is the new proposal would tax gains adjusted for inflation at 30%. I am also of the understanding that you could claim a 50% discount on this tax if you lived in a property it would apply within a timeframe. I am not sure how it was calculated for other asset classes.
So I guess my questions are, is the above correct? What were the old rules? What are the new rules? What’s this 47% equity thing doing the rounds that just sounds incorrect?
This doesn’t affect anyone truly wealthy. They allegedly don’t ‘own’ anything or pay tax in their own name. In this country. Generally.
It will affect some people who don’t have accountants or financial.advisors, or allegedly, maybe, bad ones.
I’d recommend you post your questions to an AI to get a good understanding.