Gauke on DTA 2008
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The retrospective nature of the clause is deeply troubling. It is troubling when the Government state that the law in the past is something because that is what they say it is now. This is partly an issue of simple democracy. It raises issues about EU law and legitimate expectations. It cuts to the question of the certainty and stability of the UK tax system. For investors, the idea that UK tax law is likely to be changed retrospectively is unattractive, and the UK is, for various reasons, acquiring a reputation for having an uncertain and unstable tax system, which is bad for the UK economy.
Gauke on DTA 2012
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UK residents are taxable on their worldwide income wherever it arises—including situations where it arises by way of foreign partnerships. Section 58 of Finance Act 2008 was enacted to help put that beyond doubt and in so doing, made clear that a wholly artificial tax avoidance scheme involving a foreign partnership comprised of foreign trustees did not work. As section 58 retrospectively clarified existing legislation, its introduction had no affect on any taxpayers' tax position.
Whoever you vote for, the government always gets in.
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The retrospective nature of the clause is deeply troubling. It is troubling when the Government state that the law in the past is something because that is what they say it is now. This is partly an issue of simple democracy. It raises issues about EU law and legitimate expectations. It cuts to the question of the certainty and stability of the UK tax system. For investors, the idea that UK tax law is likely to be changed retrospectively is unattractive, and the UK is, for various reasons, acquiring a reputation for having an uncertain and unstable tax system, which is bad for the UK economy.
Gauke on DTA 2012
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UK residents are taxable on their worldwide income wherever it arises—including situations where it arises by way of foreign partnerships. Section 58 of Finance Act 2008 was enacted to help put that beyond doubt and in so doing, made clear that a wholly artificial tax avoidance scheme involving a foreign partnership comprised of foreign trustees did not work. As section 58 retrospectively clarified existing legislation, its introduction had no affect on any taxpayers' tax position.
Whoever you vote for, the government always gets in.
Comment