Cash Isa Petition

innovate

Yes
.........................................................

Not overwhelmingly convincing, I do recognize that,lol

I have won by asking for a lot more outrageous things before though - - if you don't ask, you don't get

McKneff

grey_gym_sock wrote: »

i might start a petition to abolish ISAs ... but, as dunston suggests, it would make more sense if it said what should be done with the extra tax revenue ... if it's £1.8 billion, i'm not sure what to suggest ... it's several times what it would cost to restore EMA; but not enough to abolish tuition fees .... hmmm ...

I might start a petiton to abolish petitions:D

meggsy

I should probably have posted a link to the article as well

http://www.dailymail.co.uk/money/saving/article-2203683/SAVE-OUR-SAVERS-Join-crusade-win-fairer-deal-cash-Isas.html

MoneySaverLog

Duly signed.

dunstonh

If the Daily Mail thinks it is bizarre then it just indicates the lack of quality that exists in journalism nowadays. What happened to the days when journalists would get the facts first. Now it just seems they want to pander to those that want boobs and bums, celebs or campaigns for things that people dont understand.

jimjames

meggsy wrote: »

I should probably have posted a link to the article as well

http://www.dailymail.co.uk/money/saving/article-2203683/SAVE-OUR-SAVERS-Join-crusade-win-fairer-deal-cash-Isas.html

Thanks for the link.
Based on a quote in the article "increasing the limit would help to rekindle the savings habit among younger people. "

I repeat my question, how many young people can save in excess of £5640 per year? The idea only arises because the S&S and cash are called the same thing. Move back to PEPs and TESSAs and all will be sorted!

Having said that I can fully understand the logic to switch S&S back to cash if someone wants to reduce their risk profile which would seem to be a logical option to allow.

le_loup

jimjames wrote: »

Having said that I can fully understand the logic to switch S&S back to cash if someone wants to reduce their risk profile which would seem to be a logical option to allow.

Then anyone rich enough to be able to use both allowances can switch the S&S part to cash at will, thus negating the distinction and giving them 10K a year in Cash ISAs.

jamesd

This looks like a bad idea and the switching from S&S to cash ISA would just be a way to circumvent the cash ISA limit. Better to reduce the cash ISA limit to encourage people into the better long term option.

MoneySaverLog

jamesd wrote: »

This looks like a bad idea and the switching from S&S to cash ISA would just be a way to circumvent the cash ISA limit. Better to reduce the cash ISA limit to encourage people into the better long term option.

The ISA limit is £11,280 it's not circumventing anything, just allowing people to save and invest how they want instead of being forced to put money into shares that are risky.

Some need or want to save large sums every year, some have a vision of buying a house and need a bigger deposit than most.

le_loup

MoneySaverLog wrote: »

Some need or want to save large sums every year, some have a vision of buying a house and need a bigger deposit than most.

So what?
Are you asking for all savings income to be tax free?
We have a nice "encouragement" of 5K now and whilst I would like it to be bigger, realistically, it's a great deal. Additionally you can have another 5K in S&S with no CGT implications.
To do these things without limit means that the super rich get even richer.
Methinks you want jam on it!