Labour £100k ISA cap?

The_stingemeister

This has been mooted. Personally I think it's scandalous if it happened as for some people their ISA interest is their pension. Especially for those without a private pension.

What do we think?

Exodi

Could we just wait 10 days until it gets announced?

All this speculation on clickbait articles is getting rather tiring.

Dazed_and_C0nfused

The_stingemeister said:

This has been mooted. Personally I think it's scandalous if it happened as for some people their ISA interest is their pension. Especially for those without a private pension.

What do we think?

ISA over pension isn't the right choice for most people.

And is this "mooted" change just for new money or will existing ISA funds have to be moved out of the tax wrapper 🤔

Kim_13

Surely it could only be of the type a la Boris Johnson’s social care plan - only money contributed as of the commencement date of the policy would count. If an investor was already over the £100k, it would be unfair for Labour or anyone to unilaterally decide that the first £100k put in was still in an ISA and everything else was not - as only the investors know which products are giving them the best return (and would thus select those to keep were it to be retrospective.) Also, surely the government can’t even tell which product was subscribed to when, as a lot of ISAs have been transferred around.

born_again

Seems fair to limit the amount you can keep in a ISA wrapper.

Not many people will get to £100K in a ISA.

The_stingemeister

Exodi said:

Could we just wait 10 days until it gets announced?

All this speculation on clickbait articles is getting rather tiring.

Maybe it's tiring for you, but it's fresh news to me mate. And frankly quite concerning.

Dazed_and_C0nfused

The_stingemeister said:

Exodi said:

Could we just wait 10 days until it gets announced?

All this speculation on clickbait articles is getting rather tiring.

Maybe it's tiring for you, but it's fresh news to me mate. And frankly quite concerning.

It isn't news though, it's a unsubstantiated rumour.

The_stingemeister

Dazed_and_C0nfused said:

The_stingemeister said:

This has been mooted. Personally I think it's scandalous if it happened as for some people their ISA interest is their pension. Especially for those without a private pension.

What do we think?

ISA over pension isn't the right choice for most people.

And is this "mooted" change just for new money or will existing ISA funds have to be moved out of the tax wrapper 🤔

It may not be the "right" choice, but it may well be THE choice that someone has made. Whether that was a good call or not.

born_again

The_stingemeister said:

Exodi said:

Could we just wait 10 days until it gets announced?

All this speculation on clickbait articles is getting rather tiring.

Maybe it's tiring for you, but it's fresh news to me mate. And frankly quite concerning.

https://www.thisismoney.co.uk/money/investing/article-13489035/Could-future-government-cap-Isa-savings.html

Back in June.

Seem to remember previous Government mooting this as well.

Albermarle

The_stingemeister said:

Dazed_and_C0nfused said:

The_stingemeister said:

This has been mooted. Personally I think it's scandalous if it happened as for some people their ISA interest is their pension. Especially for those without a private pension.

What do we think?

ISA over pension isn't the right choice for most people.

And is this "mooted" change just for new money or will existing ISA funds have to be moved out of the tax wrapper 🤔

It may not be the "right" choice, but it may well be THE choice that someone has made. Whether that was a good call or not.

The choice was probably the editor's ( of wherever you read it) who  just made up yet another ' Labour Tax bombshell' speculative article to attract clickbait on the internet.

dunstonh

Labour £100k ISA cap?

Thats a new one on the media scaremomgering list.  

 I think it's scandalous if it happened as for some people their ISA interest is their pension. 

As pensions beat ISAs for the vast majority of people, then if you are using an ISA as the wrapper and cash as the asset class, then you have bigger problems than tax.

Sadly, some people worry about unsubstantiated rumours more than actually doing proper financial planning.