Time to fulfil a crucial promise...

Milarky

digannio wrote: »

Before the election, David Cameron said: "In order to help deal with Labour's debt crisis and help turn Britain from a spend, spend, spend society into a save, save, save society, it is time to abolish income tax on savings for everyone on the basic rate of tax, with top-rate taxpayers continuing to pay the same".

Does anyone know when this is to be introduced?

This one is notorious [Hmm even the BBC have pulled the video clip from their own coverage. But it's still here on Sky] even by modern standards. It fooled 'Tory-Boy' Nick Robinson, the BBC's political correspondent into describing it as a ''pledge'' on his blog the same day. If Cameron is to be believed however. 'he never said that', and they were 'clear all along', taking a mere 366 days - jut over a year - for him to 'clarify' the true nature of the ''pledge" somewhere in all the detail in a Daily Mail article entitled "David Cameron: I messed up over marriage tax policy" Here it comes, so hold on to your false teeth!!

Mr Cameron admitted that the Tories were not currently pledged to abolishing income tax on savings for people on the basic rate.

That had been a 2009 'budget submission' which the Government had not taken up, he said.

You'll notice that this time he was careful not to give any direct quote - the DM uses a form of mock quote [in single whiskers] implying that Cameron never actually used these weasel words to the reporter and it may have been an aide's words which Cameron 'would have' said and his office approved for publication.

Loughton_Monkey

digannio wrote: »

Before the election, David Cameron said: "In order to help deal with Labour's debt crisis and help turn Britain from a spend, spend, spend society into a save, save, save society, it is time to abolish income tax on savings for everyone on the basic rate of tax, with top-rate taxpayers continuing to pay the same".

Does anyone know when this is to be introduced?

Once they have 're-engineered' the tax bands. They will introduce 'Basic Rate Tax' of 10% on the first £1,000 of taxable earnings. This means everyone earning £8,475 or less next tax year can get savings tax free!

Those of us on 'Higher Rate Tax' of 20% still pay tax on it.

Simple!

digannio

There's some body swerves Ronaldo would be proud of!

snowqueen555

They are aiming for the first 10k of earnings to be tax free, I hope they do that soon, I think its going up to 7.5k this april?

yorkiebar

Don't hold your breath -> http://www.bbc.co.uk/news/uk-politics-12375561