More tax good

[weecalf]

Bank manager told me yesterday that because Im a tax payer I have to pay 20% on anything my money earns .So then she explains the interest is 2% gross 1.5%. No problem I got plenty .

[Anngel]

Huh?

[dotty.]

i guess when you say 0.5% is the tax it sounds better : (

[thenry]

Start up a Coffee Shop business with a U.S. owned name and import your coffee through a Dutch subsidiary and bank in Switzerland and you may never have to pay tax again !

[factor-fiction]

2% gross should be 1.6% net - it's reasonably competitive but I agree that neither the gross or net rate will generate much income unless you have tens of thousands

[weecalf]

So the lovable banks are tax collectors .

[bednobs]

this is not something new weecalf - you have always (well, not always of course, but near enough) had to pay tax on any income that takes you above the threshold

[factor-fiction]

I wouldn't blame the banks for that weecalf- most shopkeepers/traders (VAT), employers, pension providers, petrol stations, insurance companies (IPT) are unpaid tax collectors

[weecalf]

I know factor not really complaining but I did not honestly think the interest was so high .

[boxtops]

The interest isn't high, interest rates are really low - the 20% is the tax which the taxman takes from the interest you earn. We all do it.

[askyourgran]

Yep me too weecalf, I think I earn about £100 too much pension, and I've worked and paid into it for years not to mention being taxed.