BN66 - Time to fight back!!!

[ChimpMaster]

Donkey, have you thought about selling up and leaving the UK? Of course, with the huge tax bill that could be on your head, you may have to stay away forever but it might be worth it if you have a lot to lose.

The added bonus is that you get to leave the UK.

[neilawuk]

dude69, as I said before you dont have a clue about what the real cost would be as is illustrated by your previous post about 15%...Its not worth having a debate with someone on a point of which they have no facts...

[DonkeyRhubarb]

For neilawuk

What Im curious about is the term used in the BN66 "property companies". Property doesnt come into the equation so who is the target?

My suspicion is that this is a smokescreen, and that Treasury/HMRC are trying to obscure the extent to which they have known about the alleged DTA abuse. If they mentioned the contractor scheme then they would have to admit that they have known about it since early 2003 (over 5 years).

If you read the Treasury Committee Ninth Report, Treasury officials are claiming that they didn't become aware of the abuse until after the disclosure rules were introduced in Budget 2004 ie. the first tax returns they would have seen would have been Jan 2005.

This probably does affect other groups like the property industry, as MTM and others offer various schemes. However, I know HMRC intend to use BN66 to target our "ir35 scheme" because I've got a letter from them stating precisely that.

[DonkeyRhubarb]

Donkey, have you thought about selling up and leaving the UK? Of course, with the huge tax bill that could be on your head, you may have to stay away forever but it might be worth it if you have a lot to lose.

The wife and I have joked about it but to be honest the amounts at stake are not enough to quit the country.

[neilawuk]

me too, thats a tad drastic....wouldnt want to pay it of course but running to another country and always looking over your shoulder isnt the way to live your life, its only money after all....

[Sockpuppet]

"I've spent years using dodgy offshore tax schemes and now the chickens are coming home to roost. Please help me justify my greed and stop Hector bending me over and greasing me up."

I have no problem with people wanting to offshore money. Just as long as they follow it.

Winging that you want to pay tax somewhere else but remain in the UK is rubbish.

[Dow Jones]

Payback time

I don't generally care what people do with their money and what tax they pay (or don't, in this case). I've worked in the past with some piss-poor contractors who spent all their working day in trying to find out who was offering the most 'tax-effective' solution (eg CO, Norla, etc) then bragging about to the rest of us how little tax they'd have to pay, so I agree with SP and dude - no sympathy either.
Payback time.

[neilawuk]

seeing a trend here of some very bitter people who are really hoping scheme users get burnt...bit vindictive isnt it?

[DonkeyRhubarb]

For neilawuk

seeing a trend here of some very bitter people who are really hoping scheme users get burnt...bit vindictive isnt it?

Just ignore them. I'm not letting myself get drawn into this in future.

By the way, I ran my intentions past Montpelier, and they have given their blessing for me to submit evidence to the Treasury Committee. They said that PWC had probably already made the Committee aware of the facts but it could be beneficial to have more direct approach.

I will update the thread if I get any response.

[malvolio]

seeing a trend here of some very bitter people who are really hoping scheme users get burnt...bit vindictive isnt it?

Not really, bit of schadenfreude perhaps.

But have you ever thought that is we didn't have all these interesting and innovative ways for people to avoid tax, we also wouldn't have IR35, S660, FBT, P35 Q6 and whatever they come up with next year?

Just a thought...