Big Changes to UK ISA Accounts?

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[Rocketed]

Tax on savings is a national disgrace in itself

[mrsulzer]

Ideally no tax on ANY savings, money going into savings has been taxed numerous times previously.

[ScotlandTheBrave_]

It’s crazy that we pay tax on anything over 20k saved when it’s already been taxed at source! We shouldn’t be taxed more than once

[davidclowes]

Stamp duty on buying uk shares should be abolished, the uk government give no incentive to invest in its own markets, instead see tax tax tax. I recently opened a junior stocks and shares isa for both of my children, aged 7 and 9. Even they had to pay stamp duty 🤦🏼‍♂️. What a disgrace 🫤

[sonofsomerset]

Asking Labour to review ISAs is like letting a bear inspect your honey supplies.

[coxtbip]

The reason why most are cash ISA's is because most people do not have enough cash to risk in shares because they have no knowledge or experience in knowing who to invest in.

[johndoh]

I am 60 years old and have been doing the right thing for years. Living within my means, and investing the rest into shares ISA ‘s and letting compounding do the rest.
I have been doing it since we had PEP, s, which some of your older viewers may recall.
I have built up a sizeable amount of which I aim to help me retire early.
My worst nightmare is if they tax Isa, s in some way or put a cap on what you have in isa, s already and put a wealth tax grab on the rest.
After the labour government taxed dividends on private pensions years ago ( and at the same time gave public sector workers way above inflation pay rises- ring a bell?) thereby helping end final salary schemes ( mine went into the pension protection fund) I worry all my plans will come tumbling down again.
What is it about this country where politicians feel the need to take money off hard working people who have done the right thing to try and grow their wealth and security and spread it out to the lazy and feckless.
I am dreading what the chancellor will come out with tomorrow..

[csdtxwc]

I wouldn't trust this government with anyone's money.

[ploppy]

The govt. should not have the right to tell us where to invest our money. It's up to them to make the UK a good place to invest in!

[madmitch]

We earn our money and pay tax, so why should the government tell us or control our savings, make savings interest tax free, we have paid tax already, leave it up to the banks etc decide how much interest we earn.

[davidbarclay]

HL fees are a barrier to purchasing shares. They can fix that without government intervention!

[danielt]

If you want to boost investment in UK equities, get rid of capital gains tax on UK shares.

[TomsPersonalFinance]

Great discussion, Toby. I personally can't see them increasing the ISA allowance. That wouldn't do anything significant really to help the UK stock market and can be twisted by the media as helping the super well-off invest more tax free (no chance Labour doing that).

I'd love stamp duty to be abolished and i think that would make investing in UK stocks much more appealing.

And I don't think it really matters where the UK companies make their money. In a world of globalisation, you'd expect large companies to make most of their money abroad. What matters is getting the next global giants to be listed and headquartered in the UK! I can't see that happening either, as the UK just can't really afford the tax incentives at the moment.

[geetarwanabe]

Considering the government recently changed the capital gains tax from 12, 000 tax free to just 3, 000 then that's the first thing to reverse.

[LB-W]

Totally agree that stamp duty on share is a barrier. The fact that the UK market moves like a slug doesn’t help either.

[despoticmusic]

The ISA limit should be increased each year at least in line with inflation. As it is, it’s another fiscal drag reduction in people’s wealth.

[summerrr]

If they increased the ISA allowance to 40k or higher I’d happily put the increased allowance component into a UK ISA type fund. Personally, I think the ISA limit should be removed entirely. No savings should be taxed.

[livingart]

I use FTSE Developed World ex-U.K. Equity Index Fund - Accumulation. That’s how much faith I have in the U.K.! lol
Cheers Toby 😊

[MrScootmcg]

I don't see them touching the current ISA arrangements. The tax free lump sum from pensions on the other hand is low hanging fruit they will not be able to resist.

[peterc]

Speaking as a 'normal' person with little understanding of the finance world, I find the comments informative. Within a few posts each thread soon becomes a debate that uses complex jargon and acronyms. That stuff both terrifies and confuses me so I choose to go the easy route with a cash ISA and a boring old bank savings account. Yes, I'm probably missing out financially but as the presenter points out, the world of personal finance is too challenging for many of us.