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£841million tax raid on savings

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Millions of savers face a tax raid that could wipe nearly £850million from their investment plans, officials have admitted. When the tax was announced by Chancellor Philip Hammond last November, the Treasury said it would have 'no impact on individuals or households' and would 'only affect companies'. But Treasury officials now concede that savers will be squeezed as firms pass on the extra tax bill. 

But those affected include 11.6million people who hold endowments, with-profits and whole-of-life plans at firms such as Axa, Aviva, Prudential and Standard Life.  Daily mail

 

More money taken from savers - what could possibly go wrong?

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Pushing people into property.. another Tory prop.. savings are not safe! .. have you considered BTL? We have 1000’s of lovely investment properties our mates the house builders can’t shift.. ??

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46 minutes ago, Blues Chick said:

They've changed my tax code to take into account the (measly) interest I receive from my savings <_<

My tax code now starts with a 'K'.  Welcome to the UK.  A place where those that contribute to the economy while taking responsibility for themselves are taxed into oblivion.

I can't wait to get the hell out of dodge.  Just a few short months to go now.

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9 hours ago, rollover said:

 

More money taken from savers - what could possibly go wrong?

Crap.

Life insurance endowment.

The tax take is nothing compared to fees and poor performance of the LIs.

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5 hours ago, spyguy said:

Crap.

Life insurance endowment.

The tax take is nothing compared to fees and poor performance of the LIs.

Aren't these products generally held by oldiwonks anyway, sold to them by a nice man in a suit over a cup of tea? People under the age of 45 generally hold unit trusts, index funds or ETFs in a tax efficient wrapper?

Edited by Si1

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18 minutes ago, Si1 said:

Aren't these products generally held by oldiwonks anyway, sold to them by a nice man in a suit over a cup of tea? People under the age of 45 generally hold unit trusts, index funds or ETFs in a tax efficient wrapper?

Pretty much.

I cant think of anyone under 55 having a with life investment product.

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Once they're out they'll want friends in high places. I can't see them tax anything might affect their job prospects once out of power.

"Tories protecting and looking after themselves and their future. Everyone else can go an f*** themselves. PS: Thanks for the Votes."

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5 hours ago, spyguy said:

Pretty much.

I cant think of anyone under 55 having a with life investment product.

So it's a stealth tax on the oldies who never do the maths anyway.

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5 minutes ago, Si1 said:

So it's a stealth tax on the oldies who never do the maths anyway.

No.

Its just shutting down the ar5e end of LI investments.

Id guess hmrc are tired of having to deal with LI and the buffoons they hire to report numbers.

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11 minutes ago, spyguy said:

No.

Its just shutting down the ar5e end of LI investments.

Id guess hmrc are tired of having to deal with LI and the buffoons they hire to report numbers.

That makes sense. Sounds like you know more than me.

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On 27 January 2018 at 9:35 AM, wish I could afford one said:

My tax code now starts with a 'K'.  Welcome to the UK.  A place where those that contribute to the economy while taking responsibility for themselves are taxed into oblivion.

I can't wait to get the hell out of dodge.  Just a few short months to go now.

My company car goes back tomorrow because I don't do the miles anymore. £200 Honda replaces it....downsizing starts and my huge K code will now be a positive code for the first time in 20 years.

Other benefits stop by end of year and soon I will be able to earn 11k tax free. Impact will be I can live on 30% of my current gross income (my very early pension plan covers that), save nothing, stop work and contribute a much more reasonable amount of tax. 

Tax savings....okay, but I won't save or contribute as much. 

Too much for too long. So whilst not quite physically....but mentally I am moving out of dodge too ?

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  • 406 Brexit, House prices and Summer 2020

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      • down 5% +
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      • up 5%



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