Proposed £100k ISA lifetime limit

arnoldy

hallmark said:

There are interesting stats (that annoyingly I can't find easily to illustrate my point) which show the number of public sector employees per person in the USA today compared to in the 50s.  It's astronomical (and a reasonably safe bet that the same applies in the UK).   

Fully agree. Our local UK primary school has 140 pupils, every morning about 14 - 16 cars turn up. Which implies there are at least 14 people, probably a few more employed. 30 years ago there would have been 5 classes of 28, a head, a caretaker, and two dinner ladies - total 8. You do have to squint at what they all do, especially as standards seem to be slipping all the time.

[Deleted User]

The 20k per year allowance is extremely generous and would not be surprised to see that reduced.

I was reading Labour's plans if they get elected the other day and they will be increasing CGT tax, in line with income tax and reducing the tax free allowance to £1k. 

Ouch, for any non wrapped gains.

coastline

and there's more....

Cap 25% pension tax-free lump sum at £100k, says IFS | This is Money

kaMelo

Albermarle said:

It's a very good story/analogy.

Maybe for completeness you could add an 11th man, who was even richer than the 10th man, but due to his non dom status and clever tax accountants, shell companies in the Virgin Islands etc did not pay for his beer, just like the poorer ones.

Not quite accurate, I don't know exactly where in the list they would be but they certainly wouldn't be a non payer. Plus if they hung around for long enough their share of the bill would double.

Linton

Rather than complaining about the iniquities of taxation perhaps it would be more interesting to discuss incomes after tax.