Would it not make sense to allow us to put savings into building societies tax free?
That would then give the societies more to lend out as mortgages.
More properties bought and sold does in itself create a higher turn over in fees, VAT, and so on, and create jobs.
We are told to invest and save, but there is no point when it is taxed – especially when the return is so low.
The same argument can be said of inheritance tax.
Scrap that and beneficiaries are better off and will not be looking for hand-outs from the social security system as they themselves will be more wealthy.
I have always said, do tax income and spending.
But once we have savings and assets, they should be ours to keep and distribute as we wish. That is our right.
That is why we had a society of spend, spend, spend. And a lot of it was spent wastefully.
If we had a new banding of income tax levels, that will mean those who earn more would indeed pay more.
Those who buy luxury items will also pay more.
Richard Grant, Bisterne Close, Burley
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