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Taxing savings money ?

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By *en225 OP   Man
5 weeks ago

Liverpool

What are you guys thoughts on starting to tax your savings money ?

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By *lder bottomMan
5 weeks ago

Stockport

They've been doing it for years. Just very sneakily.

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By *ara JevoTV/TS
5 weeks ago

Bristol East

They already do, don't they? The interest counts as part of your income and is taxable, I think.

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By *astDevonGuyMan
5 weeks ago

East Devon

Two sure things in life , death and taxes , you cannot avoid either.

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By *3versMan
5 weeks ago

glasgow

Get an ISA

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By *an467Man
5 weeks ago

Glasgow


"Get an ISA"

Like in still game.

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By *etterbiggerMan
5 weeks ago

Scunthorpe

Get an ISA before they stop them. £20k each per year tax free savings. You can save monthly what you can afford. You don't have to put the full 20k in a lump sum. Even if it's 50 quid a month fuck em. No tax

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By *ammy aka SammyTV/TS
5 weeks ago

Bedford

Yep isa for safety, peer xxx to peer lending if you want a higher return

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By *-skinMan
5 weeks ago

Weymouth

Work all your life put a bit back and the fuckers take that all ready paid tax on it.

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By *3versMan
5 weeks ago

glasgow


"Get an ISA

Like in still game."

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By *ammy aka SammyTV/TS
5 weeks ago

Bedford

Ifisa are good for the bigger interest rates average 5 to 8 % interest but they are not protected by fscs xxx

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By *lim_sportyMan
5 weeks ago

stevenage


"What are you guys thoughts on starting to tax your savings money ? "

Starting! Confused they have done for decades.

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By *en225 OP   Man
5 weeks ago

Liverpool

I don't have an isa but I do have about 23k already in my normal account?

Is that what they are gunna tax ?

I'm dim if anyone could help me x

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By *cwgenMan
5 weeks ago

Glasgow


"I don't have an isa but I do have about 23k already in my normal account?

Is that what they are gunna tax ?

I'm dim if anyone could help me x"

The first £1000 in interest is tax free in a normal savings account. So only if your going to make more than that should you consider ISA

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By *rMagicFingersMan
5 weeks ago

Bournemouth


"I don't have an isa but I do have about 23k already in my normal account?"

Is that sitting in your current account, earning zero interest? You need to switch it over to a savings account ASAP. Doesn't have to be an ISA.

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By *atesandmoreMan
5 weeks ago

crooked spire town


"I don't have an isa but I do have about 23k already in my normal account?

Is that what they are gunna tax ?

I'm dim if anyone could help me x"

All they're gonna do is what they've been doing for decades and that is tax the interest on your savings at source... can't see a problem with it, if you're earning above your tax free allowance then everything should be taxed. If you don't earn as much as your tax free allowance then you can claim it back.

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By *hiteroseMan
5 weeks ago

Neverwhere


"I don't have an isa but I do have about 23k already in my normal account?

Is that what they are gunna tax ?

I'm dim if anyone could help me x

All they're gonna do is what they've been doing for decades and that is tax the interest on your savings at source... can't see a problem with it, if you're earning above your tax free allowance then everything should be taxed. If you don't earn as much as your tax free allowance then you can claim it back."

Except that's not quite true is it. Since the 2008 financial crisis until very recently the returns on savings has been pretty well non-existent. But that's so they could make borrowing as cheap as possible, thereby weaning the nation on to a diet of cheap credit and unsustainable debt.

For the best part of 15 years our savings were eroded by inflation. And yet they still thought it right to tax the little bit of interest we received.

But yes, you could protect that interest within a cash ISA. But interest rates within an ISA were even worse than those available generally.

I'm no conservative, and hated Truss. But her misguided policies have at least restored some balance to beleaguered savers.

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By *atesandmoreMan
5 weeks ago

crooked spire town


"I don't have an isa but I do have about 23k already in my normal account?

Is that what they are gunna tax ?

I'm dim if anyone could help me x

All they're gonna do is what they've been doing for decades and that is tax the interest on your savings at source... can't see a problem with it, if you're earning above your tax free allowance then everything should be taxed. If you don't earn as much as your tax free allowance then you can claim it back.

Except that's not quite true is it. Since the 2008 financial crisis until very recently the returns on savings has been pretty well non-existent. But that's so they could make borrowing as cheap as possible, thereby weaning the nation on to a diet of cheap credit and unsustainable debt.

For the best part of 15 years our savings were eroded by inflation. And yet they still thought it right to tax the little bit of interest we received.

But yes, you could protect that interest within a cash ISA. But interest rates within an ISA were even worse than those available generally.

I'm no conservative, and hated Truss. But her misguided policies have at least restored some balance to beleaguered savers. "

But it is right, yes, the interest rates were absolutely minimal, but you were still taxed on them before you received them. Anyone who earns less than their tax free allowance can, and always has been able, to claim them back.

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By *ara JevoTV/TS
5 weeks ago

Bristol East


"if you're earning above your tax free allowance then everything should be taxed. If you don't earn as much as your tax free allowance then you can claim it back."

Unless you own acres of farmland and think you should be exempt from tax

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By *ark532022Man
5 weeks ago

Peterborough

I would have thought all they can do is lower the threshold when you start paying tax in interest. They already did this for business owners lowering the dividend tax threshold. Not happy about it but at least it’s taxing an income so there is money to pay it. When I was younger a wealthy chap said to me never ignore the power of compound interest. It meant nothing to me at the time, but 100 quid a month in as ISA at 5% would over 30 years added up to a tidy amount. Assume I had the 100 quid of course!

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By *en225 OP   Man
5 weeks ago

Liverpool

[Removed by poster at 11/12/24 05:46:43]

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By *cunnySucker69Man
5 weeks ago

Scunthorpe


"What are you guys thoughts on starting to tax your savings money ? "

Well i don't think they will tax your savings but they can tax the interest you get on your savings

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By *arbus61Man
5 weeks ago

Leeds

Hope all the idiots that voted Labour are wondering why they haven’t a brain lol

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