Whiteman

20 | £10k+ investor | iron 4 league player | #NAFO | 🔸

[Whiteman @wmxacc]

@LongGameEquity $SPCX is a $20 stock 😭😭😭

[Whiteman @wmxacc]

@LeftieStats @guardian Holy purity test

[Whiteman @wmxacc]

@JamieFInvests Just posted the same lmao

[Whiteman @wmxacc]

Me looking at market open today 🫩

[T9 @Thafnine]

it's been 11 years and we still haven't figured out why forbes made ksi white here

[Whiteman @wmxacc]

@testosteroneHAV I thought it was from the onion for a second lmao please no

[Whiteman @wmxacc]

@BruceUnfiltered Or Bruce, you can invest the money in your stocks ISA.

[Whiteman @wmxacc]

@mattpurdy89 Great input mate 👍🏻 just spouting slop for the sake of it I guess

[Whiteman @wmxacc]

@XFootyK @RanTeeThree 1. Unless you have automatic reinvestment off, it would just go straight back into stocks that you have a stake in.

2. It doesn’t take months to withdraw/reinvest dividends.

3. It’s a tax on the interest gained from cash held. The cash will not go down, it will just go up less.

[Whiteman @wmxacc]

@NorthJaco41999 @jacob_rwt I don’t think the sole reason the govt is considering this is to raise money. Taxes are often used to discourage certain behaviours too.

If people can just park cash in a S&S ISA and earn the same tax-free interest as a Cash ISA, the cap becomes pretty meaningless.

[Whiteman @wmxacc]

@NorthJaco41999 @jacob_rwt It’s not a tax on the cash itself sitting in there; you’re not going to go down in cash with it being in there. It’s a tax on the money the interest generated in it. It prevents people from getting the same interest rates in a stocks and shares ISA as in a cash ISA.

[Whiteman @wmxacc]

@XFootyK @RanTeeThree Nope. It’s a tax on the interest generated from holding cash in a S&S ISA. Cash that is just sat dormant and not used to invest in stocks and shares, like what the ISA is used for.

[Whiteman @wmxacc]

@NorthJaco41999 @jacob_rwt Yeah I just did and I admit I was wrong lmao 😭😭

My point still stands though, they would have a limit on how much they can put into the cash ISA and once they reach their limit, they would just put another 8k into the stocks and shares ISA, bypassing the cash ISA allowance.

[Whiteman @wmxacc]

@FX_SAM_SNO @NorthJaco41999 @jacob_rwt Oh shit, I’ve just realised that it is a combined allowance LMAO I’ve just opened a Cash ISA account for the first time and I saw my allowance and was like “shit.” 😭😭

Disregard my last tweet, however it still stands. Just replace the 32k allowance with 20k.

[Whiteman @wmxacc]

@3KComeback Why Wendy’s lmao

[Whiteman @wmxacc]

@UnrealBarnet @subarustevenz You mad 😭try investing for once, boomer 😭😭😭

[Whiteman @wmxacc]

@NorthJaco41999 @jacob_rwt Well you’re using the wrong app mate lmao. Most apps have separate accounts for ISAs like mine (although I don’t use the Cash ISA account) but even then, I can see there’s a separate allowance for both of them for me lol

[Whiteman @wmxacc]

@NorthJaco41999 @jacob_rwt There’s 2 yearly allowances though, one for Cash and one for S&S ISAs. It essentially allows people to put 32k into a cash ISA because you can just hold cash in the S&S ISA from the 20k allowance it gives you. Does that make sense?

[Whiteman @wmxacc]

@NorthJaco41999 @jacob_rwt Oh I know what you mean, you saying that why is there a tax on interest on cash held in S&S and not in Cash ISA. It’s to close a loophole that people have been exploiting where they reach their limit in the cash ISA, so they store cash in the S&S ISA to bypass the limit.

[Martin Lewis @MartinSLewis]

It's only the interest on cash held in Shares ISAs that will be taxed at 22%.

Its part of the 'make more (especially young) people' invest agenda and has been long flagged. That's a good thing, its the way its being done that I and many others object to. This sits alongside cutting cash ISA limit for under 65s.

At least gilts weren't counted at 'cash-like'.