Kel Galavan

So if you decided, you know what, I think Europe's going to do really well in the next 10 years, then you buy the Eurostox 50 or you buy something, I think the whole world is going to balance out and do better over the long term.

You buy a basket that has a bit of the whole world in it.

Like that's one click and you have it.

That's the kind of thing that I was expecting to be announced.

And that would fall under exit tax, not capital gains tax.

Yes.

So they have since intonated at least that deemed disposal won't be there.

But deemed disposal is basically a form of exit tax.

Now it's dropped from 41% to 38%.

But what that is, if you buy an ETF or a fund of any sort, every eight years, even if you never sell it, if you put it in and leave it alone and walk away and let it do its thing,

every eight years you have to pay the equivalent of exit tax to the government, even if you never touched it.

So what that does is it really scuppers compounding.

It really puts... Because you'll cash out probably, right?

Well, a lot of people will have to cash out because they may not have the lump sum to hand over.

So that is something that I'd love them to look at and look into because sometimes I kind of think, look, this saving scheme could be something really, really good, but it is only one tap.

that is flowing into your money bucket.

It is one product of a load of different things.

And sometimes I feel that we could just look at home and tidy up some of the stuff that we have.

So what I mean when I say that is we already have a state savings scheme.

We already have it and it's called prize bonds.