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E-Petition - Suspend Income Tax On Savings Interest (By Saveoursavers)

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http://epetitions.direct.gov.uk/petitions/7740?utm_medium=email&utm_campaign=Save+Our+Savers+Newsletter+2+-+August+2011&utm_content=Save+Our+Savers+Newsletter+2+-+August+2011+CID_5f9143fb53cf953aadc57c79be1ef9c8&utm_source=Email&utm_term=Click+Here+To+Sign+The+e-Petition

e petition

SUSPEND INCOME TAX ON SAVINGS INTEREST (by SaveOurSavers)

Responsible department: Her Majesty's Treasury

With the Bank of England’s base rate at a record low and CPI inflation over double the Government’s target, UK savers are suffering heavily from negative real interest rates. On behalf of the nation’s savers, Save Our Savers calls for a suspension of income tax on savings interest, to remain in force while CPI inflation exceeds base rate.

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http://epetitions.direct.gov.uk/petitions/7740?utm_medium=email&utm_campaign=Save+Our+Savers+Newsletter+2+-+August+2011&utm_content=Save+Our+Savers+Newsletter+2+-+August+2011+CID_5f9143fb53cf953aadc57c79be1ef9c8&utm_source=Email&utm_term=Click+Here+To+Sign+The+e-Petition

e petition

SUSPEND INCOME TAX ON SAVINGS INTEREST (by SaveOurSavers)

Responsible department: Her Majesty's Treasury

With the Bank of England’s base rate at a record low and CPI inflation over double the Government’s target, UK savers are suffering heavily from negative real interest rates. On behalf of the nation’s savers, Save Our Savers calls for a suspension of income tax on savings interest, to remain in force while CPI inflation exceeds base rate.

No.

We don't need more VI groups screaming for government to give them free bungs. That said interested rates should be raised as per normal economic management to liquidate malinvestments.

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Have signed. I know its pointless but if you are not part of the solution then you are part of the problem......

Personally I think savings rates should be set in law as: untaxed RPI 'compensation' and taxed 'profit' interest (min 2%)

Therefore if RPI is 5% then non-taxpayers would be receiving 7%. basic rate taxpayers 6.6% higher (40%) rate 6.2%

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Signed.

Despite some on here questioning, "why should people with money be given more money?", the basic facts are that most people with savings don't have a great amount and the value is being eroded by inflation. We just want to keep the value and pitiful savings rates are destorying any value our saving (big or small) may have.

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Wages are already more highly taxed than savings interest. Why should that gap get any wider?

Because the money you save has already been taxed when you earned it and will be taxed again when you eventually spend it.

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Because the money you save has already been taxed when you earned it and will be taxed again when you eventually spend it.

So if money is taxed at every other step as it flows through an economy, why should savings interest be the only step that isn't taxed? That seems rather distorted. I'd rather see taxes levied in a fairly even way across the economy so that no one activity is arbitrarily encouraged.

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So if money is taxed at every other step as it flows through an economy, why should savings interest be the only step that isn't taxed? That seems rather distorted. I'd rather see taxes levied in a fairly even way across the economy so that no one activity is arbitrarily encouraged.

Well for a start, given the pickle we're currently in due to debt and leverage, don't you think it's time for some capital accumulation that can then be put to productive use e.g. starting a business?

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Well for a start, given the pickle we're currently in due to debt and leverage, don't you think it's time for some capital accumulation that can then be put to productive use e.g. starting a business?

You can make an equivalent argument about any economic activity. Income tax and NI should be cut to zero so that employers can afford to hire more people, working is encouraged and individuals have more money in their pockets to spend or invest. VAT should be cut to zero to boost consumer demand. Taxes on dividends should be cut to zero to encourage people to invest. Where does it end?

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You can make an equivalent argument about any economic activity. Income tax and NI should be cut to zero so that employers can afford to hire more people, working is encouraged and individuals have more money in their pockets to spend or invest. VAT should be cut to zero to boost consumer demand. Taxes on dividends should be cut to zero to encourage people to invest. Where does it end?

You can but they're not quite the same. The system we have requires capital in order to perform productive endeavours and generate wealth. You can borrow this from a bank and enrich them or you can accumulate capital and start an unencumbered business with no costs from debt. I'm clear in my mind on which approach is best.

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  • 335 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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