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December 06, 2005
Pre-Budget Report.
Can’t say I was all that surprised by El Gordo yesterday. Screw the oil companies in hte North Sea, oooooh, what a surprise. That it will have detrimental effects in the long term, well, who cares, eh? Get some money in now to pay the Real Nappy Officers I say, much more important than a stable investment regime.
The other non-surprise is the change to the SIPPs scheme.
Two years ago Mr Brown said that self-invested personal pensions (Sipps) would be able to gain tax relief on residential property bought after April 2006. Yesterday the Treasury said: "Sipps will be prohibited from obtaining tax advantages when investing in residential property and other assets, such as fine wines."
However sensible it might have been to provide a tax break for the provision of rented housing, however sensible encouraging people to save for their own retirements, this was never going to be allowed to stand.
Update. One other non-surprise. Leave your money in an account for 15 years and it’ll be spent on sending teenage scrotes on long holidays.
Hundreds of millions of pounds lying dormant in unused accounts will be used to fund "youth facilities and community services" such as gap years for deprived teenagers, the Chancellor said.
Might actually be worth it, getting the chavs to father their babbies on the youth of other nations.
December 6, 2005 in Taxes | Permalink
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Comments
Lets cut the CrAP. This budget statement, coming as it does, at a time when the UK are negotiating the EU Budget, puts a whole new perspective on the term "Oil for food"
Posted by: Anoneumouse | Dec 6, 2005 10:01:51 AM
Lets cut the crap.
You work. They gain.
Posted by: Rob Read | Dec 6, 2005 11:50:20 AM
Brown is a bombastic scottish turd. His manipulation of figures to suit his own purposes - such as his so called *Golden Rule* being elongated yet again - shows that he is about as trustworthy as Fagin. That one day this self-delusional kleptomaniac will be running the country fills me with despair for what life will be like in the future.
Aghhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh!
Posted by: Pip | Dec 6, 2005 1:58:19 PM
Forgive me for being a little more stpid than usual this morening, but this description of "Hundreds of millions of pounds lying dormant in unused accounts" puzzles me.
I was under the impression that when I put money into a savings account the bank went out and lent it to businesses and people who wanted to buy houses. The idea being that they could make lots of money, I would get some interest and that they would give me the money back if I asked for it.
Obviously Mr Brown has discovered that instead of using it for useful things like business loans and mortgages, bankers just keep this cash in the vaults. Maybe they creep down there at night to get naked and roll in the big piles of pennies.
It's either that or the Scottish Twat is about to syphon hundreds of millions of pounds out of the investment pool to send chavs off to pollute the rest of the world.
Can anyone please clear up the confusion?
RM
Posted by: The Remittance Man | Dec 7, 2005 7:49:33 AM
Well they do still lend it out as you suggested but at some stage (about 12 months) if they see no activity on the account, such as you either putting more money in or taking some out, they declare the account dormant and then they keep the interest for themselves.
Some of the reasons why the activity ceases include people forgetting that they have money in the account (bizarre, but true), moving address and forgetting to tell the bank of their new address, and account holders dying with no details of the account left for their executors to call upon, etc.
The British Bankers Assocation has some information on this, but doesn't say what the banks do with the money of customers they can't trace which is what I think el Gordo is about to gobble up. Rather than give it to chavs as he appears intent on doing, although I would hazard a guess that some of it will disappear into his balck hole, I think it should be given to charity. However, there would inevitably be a bun fight over which one(s).
Posted by: Pip | Dec 7, 2005 10:19:29 AM
