taxed on my savings....

[J'Adore]

so why do we have to pay tax on our savings???? i MEAN WHY??????
its not that we are buying anything, its our own money!!! we already paying tax on our salary AND pay NI

freaking government, u tax us wen we start working, u tax us everything, u tax us wen we retired, u even tax us wen we die!!!! ffs!!!


should we all just open a ISA account and just ditch our savings account????? wouldnt b a gd idea..since it is tax free.

[terambulan]

How else is the Govt to get finance to donate to third world countries. It our taxes that pay! Did u vote in the last election? Did you vote labour? If u did then beat yourself up.

[J'Adore]

well i 4got to vote lol....

[J'Adore]

they r using our money to pay for the war too! grrrr

[Ice.Maiden]

Hi hun! unfortunately, they'd just dream up another way......

[terambulan]

Dont bother with ISAs as they're all losing money....so am told....due to the oil prices. Cash out your savings and have a nice long cruise.....but spend it and enjoy!

[buildersmate]

Whilst not defending it, interest is income, same as any other earnings. That's why it is taxed.

[J'Adore]

but we already pay TAX when we get paid that is our Savings!!!!!

[buildersmate]

Yes, but by saving it, as opposed to spending it or putting it under the mattress, it increased in value - by the amount of interest. That interest amount is what you pay tax on - not the capital sum - which as you correctly identify came from taxed income.
If that won't do, suggest you talk to the bloke with eyebrows that don't match the colour of his hair, living at No. 11.

[Tom Braider]

terembulan, do you seriously believe that a different government would not tax savings interest? Which party would that be?

[Ethel]

I'm a pensioner and I've always paid tax on savings. ISAs are still good if you are a taxpayer, although they do have a very low capital limit per annum.

[cassa333]

If they didn't tax your savings, pay, car, fuel, house etc etc etc etc etc they would directly tax you 100 times more than they do now.

The question should be why do they waste so much..

At one point (a few years back) 68% of the population of the UK was paid directly or indirectly by the government. NHS, police, fire, armed services, goverment both local and national as well as all the scroungers. On top of that all the contractors and suppliers to these.

That's why they need to tax us so much.