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Post by Deleted on Jan 24, 2023 14:55:12 GMT
I would like the removal of
charitable status (for everyone, I don't believe that 1/10 of the charities I see are truely charitable) non-doms special tax situation
capital gains tax of the car tax/road tax subsidy (which is about £500 per car per year)
just this simplification of the tax system will move us forward
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JamesFrance
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Port Grimaud 1974
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Post by JamesFrance on Jan 24, 2023 15:19:22 GMT
This or more likely a future labour government could remove all the tax benefits of isas, you can never rely on politicians to maintain a tax benefit. I remember Brown removing the income tax free status of pep and isa dividends years ago. There is nothing new about this.
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macq
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Post by macq on Jan 24, 2023 15:35:29 GMT
not read the link (but will later) but ISA's are still more of a help to lower to middle earners or retired so the idea to tax them or set a limit seems a backward step as the so called HNW investors will still use off shore or other schemes to get round the system but the people who PEP's and then ISAs were invented for will be hit again.The idea of a limit and then taxing on the rest seems to miss the point that the people who are saving are probably not a drain on the system in the first place but instead saving to fund later life or give to children etc So via products,property,care homes etc the money will still end up back in the system and probably taxed at that point as well
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pikestaff
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Post by pikestaff on Jan 24, 2023 15:44:05 GMT
I don't. I should not have said "middle class tax subsidy". Just "tax subsidy" would have done. Sorry. The fact remains that ISAs in their present form are a grossly distorting tax subsidy that have grown far too big. Depends if you think financial independence or reliance on the state is more important Obviously the former, which is one reason why the reforms advocated in the paper would be a good idea. The ISA tax break is just as much government spending as handouts are. Why should the relatively well off (already financially independent or well on the way to being so) be sponging off the state? Help to Save, which the paper favours, is about spending money where it is needed: helping those who find it difficult to save anything at all, and getting them into the savings habit. ISAs over a modest level are a waste of government money.
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adrianc
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Post by adrianc on Jan 24, 2023 16:26:00 GMT
I would like the removal of
charitable status (for everyone, I don't believe that 1/10 of the charities I see are truely charitable) Mmm. Remember, every registered charity HAS TO by law do a whole shedload of reporting, and HAS TO by law meet a bunch of "charitable" requirements. If you think one's taking the michael, have you considered reporting them to the Charity Commission? www.ncvo.org.uk/help-and-guidance/running-a-charity/legal-requirements/legal-obligations-of-charities/#/Care to show your working on that? Vehicle Excise Duty raises about £7bn a year. Road Fuel Duty raises another £26bn. So that's £33bn income from motor vehicles, conveniently almost exactly £1k from each of the 33m vehicles registered here. The public sector spends about £12bn a year on road maintenance. About £375 each vehicle. That's about £20bn "profit" - or £625 subsidy in the opposite direction - even before we factor in the benefit to the economy of motor vehicle use...
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Post by Deleted on Jan 24, 2023 17:34:07 GMT
If you think one's taking the michael, have you considered reporting them to the Charity Commission?
yes and the Commission admitted to me that they have not the slightest resources to investigate anyone, hence it needs to go. Interestingly a friend of mine is a retired senior tax avoider adviser (I think avoiding is legal ;-) ) and he sees the Commission as a farce with no resources and no skills.
On the subsidy issue
I suspect seeing the fuel tax as some sort of benefit when you consider the damage caused by fossil fuels is a miscalculation just to offset the 250,000 barrels of petrol/diesel we burn in cars daily would require $157 billion/year which, of course, no one is paying, yet more subsidy, just from our health and future civilisation
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keitha
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Post by keitha on Jan 24, 2023 17:55:20 GMT
This or more likely a future labour government could remove all the tax benefits of isas, you can never rely on politicians to maintain a tax benefit. I remember Brown removing the income tax free status of pep and isa dividends years ago. There is nothing new about this.
ISA dividends are tax free, Prudence took away the tax free status of dividends for pension funds etc, IMHO that was a huge mistake
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benaj
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Post by benaj on Jan 24, 2023 18:34:59 GMT
researchbriefings.files.parliament.uk/documents/CBP-8513/CBP-8513.pdfRemoving income tax relief on registered pension could easily raise £27bn according to HMRC, but it’s not going to be popular with voters. I am not an economist, but if there is a magic wand to raise UK GDP by 10%, it would help to raise taxes collected without people moaning.
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registerme
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Post by registerme on Jan 24, 2023 18:55:17 GMT
I am not an economist, but if there is a magic wand to raise UK GDP by 10%, it would help to raise taxes collected without people moaning. I'll give you a clue, half of it could be found in a word beginning with B and ending in t .
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IFISAcava
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Post by IFISAcava on Jan 24, 2023 19:29:09 GMT
TESSAs, PEPs and ISAs were all to do with encouraging long term saving, because the UK's saving rates were so low. Unless the reasons for wanting people to save more have gone away (Narrator: they hadn't) then it would be an own goal to mess around with what people have already saved or to discourage saving.
However, if they were so minded, then it seems to me the very obvious thing to do is the reduce the annual ISA allowance. This is what they are doing that with all the other tax reliefs, be it by fiscal drag (pensions, tax thresholds) or actual cuts (CGT allowance, dividend tax allowance). It wasn't all that long ago that the main ISA allowance was not much more than £10,000 and the Junior ISA £4000.
Not sure that the money then not put in ISAs would all go into taxable investments or realised gains, although the CGT/dividend tax reductions will start to bite at some point in the future for sure.
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sqh
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Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Jan 24, 2023 19:42:54 GMT
I've never understood why we can invest in foreign companies tax free. I have funds in Asia, US, Europe even Russia and they are all in an ISA wrapper.
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benaj
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Post by benaj on Jan 24, 2023 19:45:11 GMT
I've never understood why we can invest in foreign companies tax free. I have funds in Asia, US, Europe even Russia and they are all in an ISA wrapper. Under any wrapper…
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Post by bracknellboy on Jan 24, 2023 19:56:56 GMT
I've never understood why we can invest in foreign companies tax free. I have funds in Asia, US, Europe even Russia and they are all in an ISA wrapper. presumably because the point of ISAs is to encourage saving/investing, not to artificially boost UK stock prices ?
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travolta
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Post by travolta on Jan 24, 2023 22:03:40 GMT
Just a ruse to plunder an easily accessable source under the guise of levelling (up)(down). Incredibly stupid move considering his vote support. Just another example of how out of touch is Richie Rich and Bent Nadhim with reality of their power base. 'Must do something for The Poor..?.Oh I know!'
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keitha
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Post by keitha on Jan 24, 2023 22:37:33 GMT
Just a ruse to plunder an easily accessable source under the guise of levelling (up)(down). Incredibly stupid move considering his vote support. Just another example of how out of touch is Richie Rich and Bent Nadhim with reality of their power base. 'Must do something for The Poor..?.Oh I know!' I agree, the older people get the less left wing they become, and certainly I know a lot of pensioners with an ISA often topped up with / from a pension lump sum. Of course these are people that saved in the first place and therefore didn't blow the lot on cars, holidays, or hair transplants, teeth veneers, or cosmetic surgery in eastern European countries.
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