So can you talk to me about maybe what tax incentives are currently available and maybe what are the plans for the scheme?

Yeah, so I mean, if we look at the current situation at the moment that we have, Cliona, it's a bit bonkers, OK, because like if somebody keeps their money in a savings account, which is, you know, earning nothing for them, losing value relative to inflation, they only pay a 33% tax rate on their income.

Sorry, not their income, their gains or their interest, let's say.

And then if they take high levels of risk and they invest in like individual stocks, which can often be, you know, more in line with gambling than it can be investing because you're going kind of all eggs into one basket.

Or if they're buying cryptocurrencies, they're paying tax at 33%.

But then if they move their money to a really, really well diversified portfolio, you know, globally diversified, the stuff that's, you know, kind of always worked successfully for investors over the long term, they're paying a higher tax rate of 38% on that interest.

And then you have this thing called deemed disposals where every eight years, even if they don't sell their portfolio, 38% tax is deducted from the interest that they've gained between years one and eight.

Can you explain it in simple terms?

For more content like this, please visit PTP 365.

[gentle music] Good afternoon, everyone.

I'm David Looney.

I'm from Jackson, Tennessee, uh, currently.

We've lived there for the past 10 years.

I'm from Memphis, Tennessee, originally, and I tell folks that Memphis is a good place to be from because it's not the same place I grew up.

[laughs]

So I said, "Honey, it's okay.

For more content like this, please visit PTP 365.

[Instrumental music playing] They tell me it's time.

The official door has closed.

Paul, I've gotta do this.

We've done this before.

We've, we've been on the same, uh, there at, at Forest Hill preaching, and, uh, I taught the Bible class hour, and Paul taught and preached the worship hour.

And, uh, you see on the slide my last name is Looney.

It's cool

And if there are limits, let's say, to the scheme that will be introduced, hopefully within the next 12 months or maybe more, what are the most tax-efficient things that people can do right now with their money.

Yeah, I mean, Simon Harris has been very clear that this new tax-efficient investment scheme, whenever it comes in, and, you know, we don't know what it looks like, we don't know when it's going to come in yet, but he's been very clear that it's not going to be, you know, a free lunch.

It is going to be capped amounts.

And, you know, Maria touched on it.

I think, you know, the pension is so underutilised and it is the biggest wealth-building tool we have, like most financial professionals I know and most tax advisers, and I'm sure our aide will back me up.

I hope she will anyway.

We're trying to pay as much money into our pension as possible, and we're doing that for a reason.

Talk to me a little bit about that.