BN66 - Time to fight back!!!

[Douglas]

Montpelier

Douglas,

Thanks for the update, do you have an idea on how confident Montpelier are of winning.

Cheers

I haven't spoken to them recently so I don't have anything more up to date than is already posted here. I am pleased with what I read here about their efforts to date - many thanks to everyone who has posted.

[ContractIn]

Hello All,

I've been on the scheme since 2001 and with Montpelier's help and advice bought a CTD for the bulk of my potential bill in 2007. Its pretty simple - you send a covering letter and transfer the cash and a few days later they send the certificate. The advantage over a payment on account is that the purchase of a CTD is not disclosed to the Special Commissioners so can't be seen as an admission of liability. The disadvantage is that if we win the interest rate is derisory and subject to tax.

More details at: http://www.hmrc.gov.uk/howtopay/cert_tax_deposit.htm

D

Hi Douglas

Am i missing something here? Montpelier were advisng sheme members in 2007 on how to purchase CTDs?

On what grounds did you make this puchase as the bn66 was not an issue in 07 i.e. under investigation anyway?

Thanks

[ContractIn]

Hi Guy's,

Has any one actualy purchased a CTD ?

Not yet, based on someother opinions, smalldog and brillopad, I have decided to hold off until I have a formal demand from HMRC as I have not as yet had any communication from them and was with mtm in 05/06.

[Douglas]

Hi Douglas

Am i missing something here? Montpelier were advisng sheme members in 2007 on how to purchase CTDs?

On what grounds did you make this puchase as the bn66 was not an issue in 07 i.e. under investigation anyway?

Thanks

Hi

Yes, I was concerned (and regularly reminded by Hector) about my potential interest bill. Montpelier suggested a CTD would be a good way to mitigate the interest. All my tax returns are under investigation.

[BrilloPad]

I just had a chat with someone at Montpelier - MTM told people how to purchase CTD's if they asked. It was following the bunch of letters HMRC issued with calculations when they asked taxpayers if they were interested on making payments on account - MTM think only about 400 people got those letters.

[DonkeyRhubarb]

Hi Ive been on the boards for the past few days and thought it about time I joined in...

thanks to everyone for keeping me informed...without you guys I wouldnt have a clue about whats been going on...

background?...I was one of the first in the MTM Scheme back in 2001...stayed for 3 years and have been receiving all the standard threatening letters from HMRC ever since then...I remember someone saying back then that it could take between 5-7 years to resolve this...little did I believe that back then...but here we are in 2008...

anyway the events of last weeks vote in the HoC to tax people retrospectively was a total shock...the potential tax plus interest would pretty much wipe me out...

my question is, how confident are we really?...the arguments against charging tax retrospectively are pretty damning...smalldog's quotations that he has pulled from EU law are extremely clear...under EU law its hard to see how HMRC could win a court fight...and yet...and yet...and yet...

I feel like Ive been here before...I remember the IR35 JR...the judge totally slagged off HMRC - he brutally criticised them for the legislation and the way they were going about it...and yet he still found in their favour...

I have this horrible feeling that the same will happen here...a High Court judge will verbally lay into HMRC for introducing retrospective tax laws...he'll give a nod to the EU law...and then he'll find in favour of HMRC anyway...call me half glass empty...but thats how I feel...I would just love it to be proved wrong...

we'll win the moral victory...but HMRC will win the day cos its already received Royal Assent...

question here is...if you were HMRC, how would you counter Clause 1.47 that smalldog has pointed out above?...no wish to build HMRCs argument for them...but they will have to deal with this issue...how will they do it?...

smalldog...your statement about the SA investigations and the 12 month rule is not entirely right...HMRC came back to me and re-opened a year nearly 2 years after I submitted my tax return...talk about retrospective!!!

I just came across this earlier post which you may not have seen.

Anyone (except Mal, Gooner et al) care to comment?

[Lewis]

no wish to build HMRCs argument for them...

With regards to this, I created a forum for a local club here http://www.informe.com/ it took 5 mins and you can make it completely private. If you guys want to discuss things in a less public manner that might be a good option for you. The admin would have to somehow vet joiners (not sure how you'd do that?! - phone call?). Just an idea ...

[smalldog]

I just came across this earlier post which you may not have seen.

Anyone (except Mal, Gooner et al) care to comment?

Its quite easy to be downbeat and think we are all "doomed" but HMRC dont get it all their own way. In fact they lose quite a lot of cases as some Judges do seem to view them as bullies and abusing their power on occassion, and find in favour of joe public.

chin up old bean!

[BrilloPad]

With regards to this, I created a forum for a local club here http://www.informe.com/ it took 5 mins and you can make it completely private. If you guys want to discuss things in a less public manner that might be a good option for you. The admin would have to somehow vet joiners (not sure how you'd do that?! - phone call?). Just an idea ...

Interesting option - but at the moment there is not enough to discuss. Or am I missing something?

Chap at clientco is a member of MTM. In April he went on a 6 month honeymoon round ASia. JUst before he left he went for an evening drink with several scheme members - said it was the worst thing possible! It just became morbid - like talking to me about marriage . Sometimes you have to try to relax - I still trust montpelier and at the moment I see no reason to do anything other than wait and hope we get more information quickly.

[DonkeyRhubarb]

War[r]mongering

New page on the bn66 site:

http://www.bn66.co.uk/bn66-3.htm

we have a strategy that we believe will allow over 50% of persons such as you to walk away with no tax liability in months rather than years. You won’t hear this option from your scheme provider because it will be them who pay the tax.

There is also a link to Warr & Co's site:

http://www.warr.co.uk/finance-articl...te-66-bn66.htm