Finance Bill fiasco offers little hope to taxpayers
It would be better to share the burden of debt and maintain living standards, says James Fitzsimons
Published 30/01/2011 | 05:00
THE passing of the Finance Bill was another fiasco. The Bill does nothing to alleviate the financial burden placed on those with large home loans and business loans that were manageable before the economic crisis. It would be nice to think the next Government will not make the same mistakes.
Take home loans for example. The paltry 20 per cent tax relief at source was abolished in 2009 for most homeowners. The change was made without an economic impact assessment on how it might affect homeowners, or what alternative measures might protect their homes.
The controversial Finance Bill changes, for property based incentives, were put on the long finger in the first draft of the Bill. They have now been changed. It is an example of how there is no equity in the system. It is OK for a family to lose their home, but that can't be allowed happen with investments.