GrannyGravy13
PoliticsNerd and Doodledog forgive me if I am being a little dim this morning.
My savings are what I haven’t had to spend out of my taxed income, I totally accept that interest over a certain amount will be taxed (ISA’s profits are not) but why on earth should mine or anyone else’s earned taxed capital income be taxed once again.
Why are those who have saved for retirement and all that comes with it be penalised.
It’s time to go after the billionaires and multinationals, not those of us who continue to contribute to society and are not a drain on services (by funding own health/home care or retirement homes when needed)
Apologies if I have misinterpreted both of your posts.
I'm not sure what the question is here, so sorry if I answer the wrong point.
I completely agree that many people save to shelter their old age, and I don't think they should be penalised for doing so. This is one of the reasons I am so against means-testing. It hinders people who try to take charge of their own futures.
All the same, if someone has £millions in the bank (I don't think this will apply to many people who have saved those millions from earned income) it is not unreasonable for them to be taxed on the interest, as that can be an income in itself. It's fair enough to protect savings from inflation, particularly for older people who can't replace what they've saved, but after that, taxing the interest is fair enough, I think. It is not double-taxing, as it is the capital that is saved from earned income - the interest is not.
