Dons eye loans instead of under-19s to speed youth into first team
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The Independent
11 minutes ago
- The Independent
Reeves' ‘mansion tax' would stall home sales and fuel exodus of super-rich, experts warn
Property experts have warned that Rachel Reeves ' plans to levy a so-called 'mansion tax' on high-value properties would stall housing sales and add to the exodus of the super-rich from the UK. Mortgage brokers and financial planners have rounded on the chancellor after reports she is considering hitting the owners of expensive properties when they sell to plug a £40bn hole in the public purse. The mooted plans would see higher-rate taxpayers pay 24 per cent of any gain in the value of their home, while basic rate taxpayers would be hit with an 18 per cent levy. Currently, capital gains tax is not paid on the sale of primary residences. Proposals being considered for the autumn budget, the private residence relief would end for properties above a certain threshold, sources told The Times. The threshold is said to still be under consideration, but a £1.5 million starting point would hit around 120,000 homeowners who are higher-rate taxpayers with capital gains tax bills of £199,973. Financial adviser Scott Gallacher, director at Rowley Turton, said a level of £1.5m would prevent most older homeowners, particularly those who bought properties in the 80s and 90s, from selling houses. He added that the plans would 'kill off the upper end of the property market' and be difficult to implement. Mr Gallacher said: 'It would be insane if it creates a cliff edge in that properties over £1.5m are subject to Capital Gains Tax on the entire gain, as properties sold at £1.49m would incur no CGT whereas £1.5m might be a six-figure bill. If it's only on gains above £1.5m, then the CGT raised would be minimal, as potentially you'd be exempting six or even seven-figure gains.' He added: 'Homeowners, especially older ones, who perhaps bought their houses in the 1970s or 1980s, would be daft to sell and incur a huge CGT liability. Instead they would be incentivised to hold on to the home until they die and pay no CGT.' Meanwhile Simon Gerrard, chairman of Martyn Gerrard Estate Agents, warned the plans would leave families who bought homes in London more than a decade ago facing 'eye-watering' tax bills. 'Meanwhile, those who are actually wealthy know how to bypass these moves and won't pay it,' he said. He told The Independent: 'After the deadline passes people will simply not sell their homes. The property market above the threshold will die until Labour are voted out and the policy is repealed under a more sensible government.' Laith Khalaf, head of investment analysis at AJ Bell, said the tax-free nature of primary residences is 'deeply embedded in the psyche of homeowners'. He warned: 'A mansion tax set at high level would naturally cause people to worry it was just the thin end of the wedge, and the next time the government needs a bit of money they could just lower the threshold. 'It would also be an impediment to mobility in the housing market, as those with properties which might fall foul of the tax would be inclined to sit on them for longer, leaving a log jam in the housing ladder below them.' And critics warned the tax change would add to the reported exodus of super-rich individuals fleeing Britain. 'I can see a lot of families in London being caught with this higher tax bill, and it may push more wealthy tax contributors to exodus the UK, which is already a problem following the Chancellor 's last budget,' said Stephen Perkins, managing director of Yellow Brick Mortgages. The Treasury was asked to comment.
The Independent
11 minutes ago
- The Independent
Newcastle United hit back at Alexander Isak's social media statement
Newcastle United have rejected striker Alexander Isak 's claim that he was promised a summer exit, stating he remains under contract. Isak accused the club of 'broken promises' and declared 'trust is lost', asserting that a transfer is now in everyone's best interest. The club issued a strong statement denying any such commitment and indicated that the conditions for a sale, including a rejected £110m bid from Liverpool, would not be met. Isak has not featured for Newcastle in pre-season or their opening league match, reportedly due to a thigh injury, and is training separately. The dispute comes as Newcastle began the season without a recognised striker, having failed to secure other transfer targets.
BBC News
11 minutes ago
- BBC News
Will 'bold and ambitious' spending pay off?
I think it is fair to say Sunderland have defied all expectations when it comes to their summer only in terms of the money spent but in the number of players fans instinctively knew Sunderland's squad from the Championship needed strengthening for the Premier League campaign. Five or six players with Premier League experience would conservatively have been a lot of people's estimation, but as to how much they would cost and whether that would be enough was always going to be the big question. No-one really knew how much owner Kyril Louis-Dreyfus would be prepared to spend with his model of sustainability at the forefront of everything the club has done in his tenure. He and his team have blown everyone away with the money spent but also with the quality of the players signed. Granit Xhaka is the standout example, but he's not the only one. Habib Diarra, Omar Alderete, Noah Sadiki, Simon Adingra, the list goes defeat of West Ham, albeit only one game, suggested all these players are comfortable in their Premier League skin. The bonus was their three goals were scored by three players who came up with the team from the a bold and ambitious bid to stay up but Sunderland fans are certainly backing them to do so. How does it compare to other promoted clubs? According to transfermarkt,, external Sunderland now top the all-time list for amount spent by a promoted club in the Premier a summer spend of £142m so far, both them, and fellow promoted side Burnley - who have spent £109m - are hoping for a solid return on their far as the numbers go, the other four teams to have spent big upon their Premier League return have had mixed Aston Villa and Nottingham Forest narrowly avoided the drop after busy summer windows following promotion, but are now playing in last summer saw Southampton an Ipswich finish as the bottom two sides in the league.
