Selling up (Businesses in LL)

[????]

Businesses in LL are selling up because the Capital Gains Tax laws are changing in April to once again punish entrepreneurs so a good time to bail out, plus, for anyone under 35,.....this is a recession approaching, watch the boards go up the whole way up LL.....cheers Gordon

[Brendan]

Run away! Run away!

[mamafeelgood]

happy happy happy joy joy joy

gordon? you think he be the 'big man' that decide these things...i'm sure he wishes he had that much power.

buying over priced houses on mortgages 5x an income, buying on 0% credit cards all that stuff that was *really* needed and now rots away wasted as a ridiculous interest rate is charged on late card repayments... you name it on all levels, everyone plays a part.

[macroban]

> this is a recession approaching

I hope not.

The last recession which ran from 1979 to 1982 was very nasty. More recent economic problems since 1982 have just been slowdowns.

[????]

there was a recession in 1991 Macro

[????]

Ok Gordon is not directly responsible for the credit crunch but CGT reform has proven a compltee botch, we have huge inflated public sector spending with little (any?) tangible improvement and now the bad times are coming with falling tax receipts Gordon's rash spending is gonna prove as stupid as those with 5 credit cards and a mortgage 6 times their income - politicians and my money should be kept well apart.....

[macroban]

> there was a recession in 1991 Macro

That was merely a slight down turn compared with the 1979-1982 recession. There are many web-sites with the data if you wish to review them.

Only anecdotal I know, but check out how many of today's Lordship Lane independents were there in 1978.

[mamafeelgood]

oh yes cameron and boris would have run the show so differently...oh i suppose they may have taxed us less along the line and we wouldn't have a mayor. a case of cleopatras nose, if the reference is lost can i recommend war and peace by tolstoy (i am not meaning any of this to sound catty, more fun i hope) but as history has always shown no one person runs the band, yet the band plays on.

so long as the bbc keeps making great telly and i can enjoy the smooth tones of radio 4 i'm happy as a man called larry, who ever he may be.

[????]

wasnt as deep but two quarters of negative growth = a recession by economists' efinitions, so was a recession

[????]

as i said Mama, "politicians and my money should be kept well apart....."

[macroban]

> wasnt as deep but two quarters of negative growth = a recession by economists' efinitions, so was a recession

Yes, it was a mere tiddler of a recession.

[mamafeelgood]

so where should things be headed? complete subsidiarity in the political system? functionalism? anarcho syndicalism? how does one extract money from politics? or, is politics the 20th century religion that is spent and no longer represents how to run society?

i feel a lounge just round the corner so i shall stop posting off topic > back on thread...

recession down LL: well should keep some people happy, all those cursed delis and tat shops, all those kids emporiums and nice restaurants going going gone.

[????]

I like the spent religon idea...

....maybe some moor bookies on LL Huzzah

[MrBen]

???? Wrote:

-------------------------------------------------------

> Businesses in LL are selling up because the

> Capital Gains Tax laws are changing in April to

> once again punish entrepreneurs so a good time to

> bail out,

I'm not convinced CGT is the reason at all ????. The proposed CGT legislation has indeed been ill thought through and punishes the entrepreurial SME culture Gordon purports to nurture but you'll note that following uproar from various sections, a revision is proposed to only impose the 18% flat rate for gains over ?1M. And once-in-a-lifetime gains under ?1M will still be allowed 10% relief. This equates to the current 10% taper relief in place for those holding a business over 2-3 years who then sell up.

So....I'll take a punt and say that I doubt there are many businesses on LL that stand to gain ?1M+ from selling up, unless the business also owns a large freehold. And so CGT implications are minimal for businesses valued under ?1M.

All of this has yet to be ratified anyway so the general uncertainty around CGT could be a factor.

But I think the prospect of a potential recession and a falling commercial property market are far more significant. And clearly businesses running on a small margin or even at a loss will be hit hardest and the first to go.

And anyway the flat CGT at 18% will benefit all of you high earners with a 2nd or 3rd buy to let who then sell and would previously be subject to a potential 40% tax (depending on how long you have held your property).

[karter]

I also don't think they are selling up because of cgt issue. These businesses have been highlighted as being up for sale ( thanks Macroban, anymore?)

[macroban]

Unfortunately, yes, there are more, but I would only post information here when the owner has chosen to put the information in the public domain ~and~ I can support a posting with documentary evidence.

Anything else would be unfair on a business which may still be trying to trade itself through and out of difficult times.