Originally posted by Bob Dalek
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Reply to: Doom III
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Previously on "Doom III"
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Originally posted by AtW View PostBecause those poor souls that took up on this pathetic offer from Govt helped Govt justify existance of the offer. If it was boycotted by majority then they would have to improve it substantially.
Same with houses - if enough people refused to get so much in debt to buy a house then houses would never reach current levels even if banks offered 125% morgages.
This kind of logic should be taught in schools - that's the only way society can avoid such major pitfalls.
In any case I feel that I did my bit on both counts.
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Originally posted by Doggy Styles View PostBut I accept you couldn't if you didn't have the funds at the time.
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Originally posted by AtW View PostBecause those poor souls that took up on this pathetic offer from Govt helped Govt justify existance of the offer. If it was boycotted by majority then they would have to improve it substantially.
Same with houses - if enough people refused to get so much in debt to buy a house then houses would never reach current levels even if banks offered 125% morgages.
This kind of logic should be taught in schools - that's the only way society can avoid such major pitfalls.
In any case I feel that I did my bit on both counts.
But I accept you couldn't if you didn't have the funds at the time.
PEPs were simply a way of saving long-term which, over time, would give a much better return than a deposit account. I think they were a good idea.
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Originally posted by Bob Dalek View PostSo why "protest"?
Same with houses - if enough people refused to get so much in debt to buy a house then houses would never reach current levels even if banks offered 125% morgages.
This kind of logic should be taught in schools - that's the only way society can avoid such major pitfalls.
In any case I feel that I did my bit on both counts.
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Originally posted by AtW View PostGovt did not give a tulip. That's what Govts do.
I did not even try to buy house in the UK because prices were overinflated - I have exercised correct judgement in the face of temptation and only wish more people did the same.
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Originally posted by Bob Dalek View PostI imagine that the Gov's near-implosion upon learning of your heroic protest will be made public, one day. Bravo, AtW!
I did not even try to buy house in the UK because prices were overinflated - I have exercised correct judgement in the face of temptation and only wish more people did the same.
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Originally posted by AtW View PostWell, I did not start earning half decent money until 2000, and I felt that having cash in bank was preferable to being involved in these schemes.
It was also part of my protest against Govt policies regarding savings so I did not use their ISAs. £7k was shares option which I did not want to get into and £3k cash ISA was laughable size in my view, small enough to make point of principle not to use it for sure.
Interest rates on savings should have been 0%.
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Originally posted by Doggy Styles View PostIf you'd used your full limit every year since PEPs/ISAs came out (1990?), with the compound growth you'd have a very decent fund by now.
It was also part of my protest against Govt policies regarding savings so I did not use their ISAs. £7k was shares option which I did not want to get into and £3k cash ISA was laughable size in my view, small enough to make point of principle not to use it for sure.
Interest rates on savings should have been 0%.
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Originally posted by expat View PostAIUI capital gains are still tax-free in an ISA (and never were in a pension), what has changed is that the notional dividend tax credit can no longer be reclaimed in an ISA or a pension.
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Originally posted by Doggy Styles View PostOn ordinary savings accounts, yes, interest was taxed as it is today.
But not in PEPs, where capital gains used to be tax free. They were also tax free in ISA funds when they first replaced PEPs but, like pensions, not any more.
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Originally posted by AtW View PostWas there a limit on PEPs like there is on ISAs? I never put any money into latter as I did not like the idea of my savings being tied up in this scam scheme of Labour (cash ISAs were okay but the max allowed amount was laughable).
If you'd used your full limit every year since PEPs/ISAs came out (1990?), with the compound growth you'd have a very decent fund by now.
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Originally posted by Doggy Styles View PostBut not in PEPs, where capital gains used to be tax free. They were also tax free in ISA funds when they first replaced PEPs but, like pensions, not any more.
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Originally posted by AtW View PostWas there a tax on interest earned on your savings before Labour Govt?
IMO this tax is a big put off, practically theft especially considers that high tax rate payers would have to pay extra tax on top.
But not in PEPs, where capital gains used to be tax free. They were also tax free in ISA funds when they first replaced PEPs but, like pensions, not any more.
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