The professional accounting body isn’t mincing words
And this is in full knowledge that its members will get a lot of work out of these changes, it would almost have been self serving for them to support complex tax changes.
They get plenty wrong too but that’s not the point.
How they restrict negative gearing in property investment is novel, and how they incentivise share market participation is too, all while preventing the ultra wealthy from abusing it.
If you have an investment property your tax deduction for mortgage interest is strictly limited to the lowest tax band. So here you’d only get 16% back not up to 47%.
They also have a ‘stocks and shares individual savings account’ called an ISA for short. It caps cash input annually to £20k (A$37.5k ish) an amount that significant to the average person but not high enough to significantly advantage the ultra rich. Any gains from those shares is tax free.
Yes we have super, no it’s not the same (they have a similar scheme too) and ISA doesn’t make you wait until 60