BN66 - Time to fight back!!!

[DonkeyRhubarb]

Writing to MPs

My accountant says that it would be a good idea to keep up awareness of this issue... well can't do any harm...

QUOTE
"I would strongly urge you to take the time to write to your local MP. You can point out the unfairness of this Retrospective law and how it is in breach of the Human Rights Act. Perhaps you can also outline how it will affect you personally.

Ask them to consider raising the issue in Parliament and with the Revenue."

I have sent an email to my MP and will report back with the response...

Many of us did write to our MPs while the bill was going through and got good responses from Tory and Libdems (including David Cameron!) saying they would support an ammendment.

My MP forwarded my complaint to Helen Kennedy and I did get a letter from her, and I quoted a couple of extracts in this post:

http://forums.contractoruk.com/569753-post831.html

If you haven't already written to your MP then there is no harm in doing so, and you can do it in a couple of minutes on-line here:

http://www.writetothem.com/

[Ratican]

General Election

Just a thought (and I'm not very knowledgeable on these matters), but if the Conservatives (including David Cameron) are against this [particular] application of retrospective legislation - will they overturn or amend it if they win in the general election in June 2009 (that seems to be when it is due to take place)? According to Montpelier the upcoming JR and appeals process could be quite drawn out and take some time.

Maybe there is still scope to lobby the politicians?

[DonkeyRhubarb]

Just a thought (and I'm not very knowledgeable on these matters), but if the Conservatives (including David Cameron) are against this [particular] application of retrospective legislation - will they overturn or amend it if they win in the general election in June 2009 (that seems to be when it is due to take place)? According to Montpelier the upcoming JR and appeals process could be quite drawn out and take some time.

Maybe there is still scope to lobby the politicians?

Unfortunately, the election doesn't have to be held until June 2010, and the way things are at the moment I can't see Labour calling it next year.

If the Conservatives do win , I think they'll have enough sh*t to deal with. I suppose they might do something if the courts rule that the legislation infringes human rights but I wouldn't bank on it.

[akan]

Lets be positive! Well it makes me better being positive.

So the question from me now is that WHEN we win - is the interest on my CTD be taxable? Has it been taxed? Do I have to declare it.

[DonkeyRhubarb]

Lets be positive! Well it makes me better being positive.

So the question from me now is that WHEN we win - is the interest on my CTD be taxable? Has it been taxed? Do I have to declare it.

There is an FAQ here. A couple of points:

1) Since you have purchased a CTD after the due date of the tax, no interest will be added to the CTD if you use it to pay a tax bill (ie. nothing to declare).

2) If you withdraw the CTD then (gross) interest will be added at this time and will need to be declared on your return for this year.

In other words, up until the year you withdraw the CTD you don't need to declare anything.

http://www.hmrc.gov.uk/howtopay/cert_tax_deposit.htm#7

Is interest taxable and if so, is it paid 'gross' or net' of tax?

Yes, interest on a CTD is treated as taxable income and it is paid before tax or 'gross'. You must therefore declare all interest received on a CTD within a specific tax year on your annual tax return. Each time you use a CTD, or part there of, the CTD Team will issue a Form 822 to you or your agent confirming the exact amount of interest paid.

I am in the process of completing my tax return for this financial year. Do I need to make an allowance for interest accrued on my CTD?.

Interest is only added to a Certificate of Tax Deposit at the time it is used. If your CTD has not been used during the Tax Year concerned, then there will be no interest to declare.

When a Certificate of Tax Deposit is used a Form 822 is issued to you or your Agent confirming the details of allocations/repayments made and stating any interest that has been credited to the CTD's value. This interest figure would need to be shown on the relevant tax return.

[poppy01]

Judicial Review

Seems to be a lot hope hanging on the outcome of the JR, but I for one am not sure what the powers of JR are. From my limited reading they cannot strike out primary legislation, they could only find it 'incompatible' with the 98 Human Rights act.

Does anyone know what this would mean. Does the government have any obligation to do anything about it if this was the result or can they just carry on regardless, would a subsequent ECHR challenge be necessary and then what are the powers of the ECHR? I'm beginning to think we are getting all excited (remember the Treasury Committee debate) about something that can do no more than buy us time.

[ContractIn]

Seems to be a lot hope hanging on the outcome of the JR, but I for one am not sure what the powers of JR are. From my limited reading they cannot strike out primary legislation, they could only find it 'incompatible' with the 98 Human Rights act.

Does anyone know what this would mean. Does the government have any obligation to do anything about it if this was the result or can they just carry on regardless, would a subsequent ECHR challenge be necessary and then what are the powers of the ECHR? I'm beginning to think we are getting all excited (remember the Treasury Committee debate) about something that can do no more than buy us time.

On this note, does anyone have an update on the JR timeframes? What are the steps involved in getting this under review? From what I can gather the JR will not overturn this legislation but should provide a better understanding of chances going forward?

Also, picking up on some previous posts about B O'Kelly leaving MTM, would this not weaken our situation in some way? Any thoughts?

[BrilloPad]

On this note, does anyone have an update on the JR timeframes? What are the steps involved in getting this under review? From what I can gather the JR will not overturn this legislation but should provide a better understanding of chances going forward?

Also, picking up on some previous posts about B O'Kelly leaving MTM, would this not weaken our situation in some way? Any thoughts?

I reckon JR will be in Q4.

I dont see how BOK going will weaken the old scheme - but I am not so sure about the new scheme.

[smalldog]

I would be very interested to know his reasons for leaving, did he think they are on a hiding to nothing and didnt want the stress and hassle of fighting when its a lost cause, or did he leave for personal reasons....

[BrilloPad]

I would be very interested to know his reasons for leaving, did he think they are on a hiding to nothing and didnt want the stress and hassle of fighting when its a lost cause, or did he leave for personal reasons....

I heard a whisper he is setting up his own company. There is no acrimony. And he believes that the schemes (old and new) will work.