Savings

city2 said:
Ok so people on here with savings are you actually worried about if the chancellor comes to tax you on them and what precautions are you taking or is everyone waiting to how the budget goes and then every man, dog, children rush to the banks to releases millions of pounds or even hundreds of pounds to stop getting ripped off.
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Have a sizeable investment portfolio both in ISA and outside but not too worried as there is nothing I can do about it anyway…

It’s those ‘non working people’ I feel sorry for, you know the small business owners who don’t take proper wages so the business can grow, only to be hit by larger CGT when they sell in the next couple of years..
 
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Reading some of the posts on here it’s difficult to understand how some people have turned a blind eye to the last government increasing taxes to record levels by freezing allowances for years, and then leaving the economy in such a state that the new government has no alternative but to squeeze taxpayers even more. But yeah, it’s all Labour.
 
Can't wait for Rachel Reeves to knock on my door asking to look under by bed. She can join the TV license bloke at the end of the path.
 
west didsblue said:
Hate to break it to you but you’re already taxed on interest on savings unless they’re in an ISA. Worst case is there will be a few tweaks to the rules on rates or allowances. They’re not going to come and take a proportion of the contents of your savings account. Most people won’t even notice the difference as most savings interest rates are so low anyway.
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Not true.
A basic rate tax payer can earn £1000 interest tax free each year.
 
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