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Tax free interest on £1,000 from Apr 16 - Not now!
bigfreddiel
Posts: 4,263 Forumite
Well believe it or not the promise of £1,000 tax free interest from April 2016 hasn't made it into the Finance Act 2015.
So it's not happening folks. There may be time to include it but will Mr Balls do so. I doubt it.
Cheers fj
So it's not happening folks. There may be time to include it but will Mr Balls do so. I doubt it.
Cheers fj
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Comments
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bigfreddiel wrote: »Well believe it or not the promise of £1,000 tax free interest from April 2016 hasn't made it into the Finance Act 2015.
So it's not happening folks. There may be time to include it but will Mr Balls do so. I doubt it.
Cheers fj
It was never going to be in the 2015 Act. It is scheduled to be in the 2016 Act (why put something for 2016 in the 2015 Act?) and Ed Balls has said if he were to be chancellor he has no intentions of reversing anything in the budget.
If Labour form the next government and (re)introduce the 10p and 50p tax rates they may decide to adjust the plan to accommodate their changes - e.g. give 10p lower rate taxpayers a £2000 allowance so all except additional rate taxpayers get up to £200.0 -
Just repeating Ian Cowie from today's Sunday Times and I believe the 2015 Act has to be passed to become law in 2016. Leave it till the 2016 Act and it will be too late for 2016.
fj0 -
bigfreddiel wrote: »Just repeating Ian Cowie from today's Sunday Times and I believe the 2015 Act has to be passed to become law in 2016. Leave it till the 2026 Act and it will be too late for 2016.
fj
lol, nice typo. Who is Ian Cowie?0 -
bigfreddiel wrote: »Leave it till the 2026 Act and it will be too late for 2016.
fj
Yes, by 10 years
Old dog but always delighted to learn new tricks!0 -
There are things in the Finance Act 2015 that were not in the 2014 Act and come into effect in this tax year, so why could there not be new things in the 2016 Act that will come into effect in the next tax year?bigfreddiel wrote: »Just repeating Ian Cowie from today's Sunday Times and I believe the 2015 Act has to be passed to become law in 2016. Leave it till the 2026 Act and it will be too late for 2016.0 -
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