Chris Blunt wrote:
On Fri, 29 Jan 2010 18:25:30 -0000, "Andy Pandy"
wrote:


"mick" wrote in message
...
The Conservatives said they were going to put this in their
manifesto. Does anyone think they will
do it, if they get in? personally i doubt it.The need for tax
revenue will be overwhelming.

They probably will but I doubt it'll be a priority. Although with
interest rates so low it probably doesn't bring a lot in now. My
guess is they'll increase VAT substantially and cut a few other
taxes like savings.

In view of the huge mountain of debt that many people have got
themselves into, with very little in savings, I think this is a good
idea. It would be better to cut taxes on savings to encourage people
to save more

I wonder about that. If you take cash ISAs as an example of tax free
savings, all that's happened is that the banks and building societies offer
those at rates lower than any corresponding non-ISA account. What they're
doing is snaffling for themselves the tax advantage that should be coming to
you and me. It's hard in fact to find a cash ISA that pays any more than
you can get elsewhere tax paid.

Who's to say the greedy banks won't do exactly the same, and regard it as a
windfall, if all savings accounts were made tax free? Will they really pass
on all the benefit to us?