Friday, 29 February 2008

Giles McNeill backs plans for tax breaks for green savings in West Lindsey

Local people across West Lindsey could take advantage of tax breaks if they put their money in environmentally responsible companies and green technology, under plans being drawn up by Conservatives.

Nettleham Parish Councillor, Giles McNeill, West Lindsey District Council Candidate, today welcomed the proposals for new ‘Green Individual Savings Accounts’. These will allow the public to save money without paying tax on the interest, up to a certain limit.

Under the new Conservative plans, there would be a generous tax-free savings allowance for the new Green ISA, over and above the current £7,000 for stocks and shares ISAs. There would be clear criteria for firms to obtain a green ‘kitemark’, enabling them to qualify for investment under the Green ISA. This would create a major incentive for local and national businesses to curb their emissions and adopt greener technologies and practices.

This proposal follows Conservative plans to reward people for installing green energy, such as solar panels or mini-wind turbines. Energy companies would pay local firms and householders for the green electricity that they produce. Low-carbon energy is not only eco-friendly, but helps save people money – at a time of hikes in gas and electricity bills.

Giles McNeill said:
“Instead of Labour’s approach of punishing families with ever higher taxes, we should be using incentives to encourage people to go green and invest in eco-friendly technology. Encouraging people to invest in green companies has a double benefit – helping the environment, and rewarding people for saving money responsibly.”

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