World Banks' crisis

[TheOldhamWhisper]

Am I the only one who is getting just a little bit fed up with all these people whingeing that they could lose close to a million pounds? Why? Because they have their money in Banks from the Isle of Man, Iceland and other countries.

Why did they have so much money invested abroad? Simple - because they don't have to pay tax on the interest.

But now they want us (the British tax payer) to bail them out...

;fire

A well known phrase about lying in the bed you make springs to mind!

[Win2Win]

Thanks for your support! :doh :D

[presto]

i have a fair ammount in icesave, not worried at all about it - i know it's protected. (untill fairly recently it wasn't protected - 2 years ago i think). the reason i put my money there was simple - it had by far the best interest rates going, think it was around 0.5-1% higher interest than the competition at the time.

as for not paying tax on the interest - not sure about the full facts here but pretty sure tax is paid on interest - atleast with icesave.

though i do get your argument, it's simply common sense not to put all your eggs in one basket so to speak, the adverage person is well covered by the £50k guaranteed limit per bank account. so if you have more (a house sale for example) split the money between 4 or 5 banks or so not going over the £50k limit.

[TheOldhamWhisper]

What sparked the rant was someone on the local news saying that the government should bail out the bank in the Isle of Man where he had his life savings of £750,000 invested. The Isle of Man isn't even in the UK - and just 2 years ago introduced tax breaks to tempt people away from Swizerland and Monaco.

[Win2Win]

Wonder how Bill Gates' spreads his around! :doh

[davidsteel]

All UK residents pay tax on world wide earnings ...

[Win2Win]

All UK residents pay tax on world wide earnings ...
Gordon fixed the hole up about 5 years ago :ermmm

It ask all the interest earned on the self assessment form from what I remember.