Jon wrote:
Good point Westonman... taxed on a LOSS!!!!
I'm pleased that somebody else sees the truth of this deliberate fraud practiced by Government against savers. Practiced primarily against the elderly, who largely depend on their savings to provide an income for themselves.
I may have missed it, but I've seen nothing in the media that fully exposes this appalling "taxation of a LOSS on savings". I know that savers and media articles have complained about interest rates on savings, but I've seen nothing that deals with this direct fraud by the Government and HMRC. There was a lot of crowing from Osborne, the Government as a whole, and the media when Osborne announced that the first £1000 pounds of interest was to be free of Income Tax (a tax break of £200 per year for those on the 20% Income Tax rate). But I've seen nothing about the 20%, or even 40% tax on all other savings that attract interest on money that is being steadily eroded by the engineered rate of currency devaluation, called “inflation”, through the printing of money by that misnamed Bank of England.
I've tried making officialdom aware of this indefensible Government fraud against savers, and officialdom simply ignores it. I'm told; “That's the rules”, as if the rules justify the theft; small wonder the police can't be bothered to investigate burglary any more.
This “tax on a LOSS” on savings really amounts to negative interest in the region of !0% per annum; a positive charge for leaving money in a bank or building society account. Although the official inflation figure is currently stated to be 3%; every 'essential for life' purchase is constantly rising at a rate that is probably in double digits. Even my Council Tax in April this year rose by 4%, and that was at the time when we being told that inflation was running at about 1.9%. Dread to think what the Council Tax will increase by next April – pay ever more and receive ever less for it - more Government inspired fraud.
The "tax on a savings LOSS", which is effectively an engineered theft by Government and the banks, is only one more reason why Government and officialdom have proven themselves to be dishonest and untrustworthy as far as I'm concerned. Whatever happened to: “Thou shalt not steal” (defraud), or, “Thou shalt not bear false witness” (deceive)?