RE: Can't wait until £12 a share.16 Jan 2023 17:47
UK ISA holders:
Isa savings should be capped at £100,000 to stop wealthy families from benefiting too much from “costly and unnecessary” tax breaks, a leading think tank and charity have said.
All savers would face a total limit of £100,000 of tax-free cash under proposals set out by the Resolution Foundation and the Abrdn Financial Fairness trust.
Individual savings accounts (Isas), allow savers to put away up to £20,000 every year without having to pay tax on any interest or gains.
The joint report found that the three main government saving schemes – Isas, Lifetime Isas and Help to Save – together disproportionately benefited wealthier families, thanks to their much higher levels of cash savings.
The richest tenth of households are on track to gain £800 on average from the schemes next year. Meanwhile, the poorest tenth of households are forecast to receive £38. The average was approximately £250.