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MSE News: EU deal spares small savers in Cyprus from bailout tax
Former_MSE_Helen
Posts: 2,382 Forumite
"British ex-pats with savings under £85,000 have today been spared from being taxed by the Cypriot government..."
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EU deal spares small savers in Cyprus from bailout tax
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EU deal spares small savers in Cyprus from bailout tax
Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.
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Comments
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i would be interested to know just what sort of interest rates these accounts have been getting before this situation arose.0
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3-4 times the interest of other EU countries, where rates are much like they are in the UK. The only way this could end was in disaster.0
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I don't see why there is such outrage at this. In the UK our savings are insured up to £85k or £170k in joint accounts. Prior to the credit crunch it was insured up to £50k. Perhaps if we had stuck to these insurance policies when Northern Rock and especially when the icelandic banks went under, the UK taxpayer would not be laden with all this debt.
UK savers should follow the advice that Martin Lewis has been giving since the start of the financial crisis and keep your savings in each financial institution below these limits.
People should be responsible for their own finances. If they choose to put their life savings into a bank that is offering 120% mortgages, an overseas bank offering 'too good to be true' interest rates or try to hide their money in tax havens, then that's the risk they took. Why should the rest of us bail them out?0 -
But we did stick to those insurance policies?The_Green_Man wrote: »I don't see why there is such outrage at this. In the UK our savings are insured up to £85k or £170k in joint accounts. Prior to the credit crunch it was insured up to £50k. Perhaps if we had stuck to these insurance policies when Northern Rock and especially when the icelandic banks went under, the UK taxpayer would not be laden with all this debt.poppy100 -
I have a little cash, way below the £85k FSCS threshold normally, but if I sold a house, I could easily have £500k in an account. Further more,
£80k could be ear marked for capital gains tax from the sale.
The next house purchase could need £30k in stamp duty.
So, if I decided to sell first so I can be chain free and take my time buying the next house, and they take 20% from deposits above £85k, I would pay £100k for emergency tax.
But if the emergency tax happens after I buy another house, I would pay zero.
They are only grabbing cash because it's expedient, not because it's fair.0 -
are we really sure that if say santander or some other big bank went bust we would all really get up to 85k of our savings back??0
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What a contrast to the British Way of bailing out wealthy bank investors - who chose to take a risk for better interest rates - with innocent people's money who had nothing to do with it!!!
Printing money to pump asset prices and transfer wealth from the poor (with no assets) to the rich (with assets)!!!
Making poor taxpayers subsidise £600k sub prime mortgages on second homes to inflate house prices for the benefit of the banks.!!!
Gordon Brown bailed out Icelandic Bank Investors then presented the Icelandic people with the bill!!!
As if the people are responsible for the banks!!! Not surprisingly the EU Court has rejected this.
Yet again Britain is the odd one out in Europe, and not in a good way.:mad:“It is difficult to get a man to understand something, when his salary depends on his not understanding it.” --Upton Sinclair0 -
are we really sure that if say santander or some other big bank went bust we would all really get up to 85k of our savings back??
Pretty much yes
UK plc simply couldn't survive the shock of one of the big retail banks going under and in extremis, unlike Cyprus or Greece, we would print our way out of it. You would eventually get your 85,000 pounds back, what value each of those pounds is a different matter0 -
Baronet Gideon must be thinking, "What a spiffing idea. But haven't they got it the wrong way round?".If you fold it in half, will an Audi A4 fit in a Citroen C5?
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The_Green_Man wrote: »I don't see why there is such outrage at this. In the UK our savings are insured up to £85k or £170k in joint accounts.
I have kept to the £85K per institution safety advice.
Is it just a particular bank that the [STRIKE]theft[/STRIKE] levy of savers money is being imposed on?
Or will the [STRIKE]EU[/STRIKE] Cyprus want 40% of savings off anyone with say, €400K split - €100K deposited in each bank?0
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