James Kirby

Chris Brickey, who you may know, Stockspot, who is a great fan of ETFs, but he has put out something this morning saying that the ETF investors will lose, will over 10 years, will make less.

on their after-tax returns and he's modelled various outcomes for ETF investors on the change to CGT.

That's one thing.

Do you think that this tax policy will cool off investment in ETFs and shares if CGT rules are tighter than they were?

You have actually put something, haven't you, directed to the government, which is a policy idea whereby

is aimed at younger investors, would have some sort of tax protection around early participation in the share market.

Explain how it works, if you would.

Let's say I'm 28 and I'm interested in this.

How would it work?

What specifically have you proposed?

What sort of tax would you pay?

If I buy shares on the side as such, outside of super, I've got to get taxed up to 45%.

What tax rate are you suggesting?

Okay, very good.

What you've seen, yeah, with the ISAs in the UK.

I'm familiar with them.

I know a key part of them, Daniel, is it's a use it or lose it, isn't it?

It's 20,000 per year.

And if you don't do it one year, you can't double and do 40 the next year.

Would it be a use it or lose it type scheme you're suggesting?