Bn66 - News Updates

**BenLondon** · 26 June 2008, 11:09

Interresting read ...

http://www.publications.parliament.u...m/80522s01.htm

Looks like we're not the only ones not convinced by the "retrospective" aspect of the bill.

**DonkeyRhubarb** · 27 June 2008, 10:33

Update from Montpelier

Montpelier plan to do a mailshot to all clients once the Finance Bill becomes law. They are in the process of drafting the Judicial Review but this can't be submitted until the final version of the Act receives royal ascent.

The mailshot will provide an update of where they are up to and details of the plan of action. Obviousy the timing is dependent on the progress of the bill but I would imagine we might receive the mailshot around the end of July.

If you want to discuss this, please do it here:

http://forums.contractoruk.com/accou...t-back-83.html

Let's keep this thread clean for NEWS ONLY.

**smalldog** · 8 July 2008, 16:06

Treasury Enquiry into OFC's

The Treasury Committee has decided to undertake an inquiry into Offshore Financial Centres, as part of its ongoing work into Financial Stability and Transparency.

The Treasury Committee invites written evidence as part of this inquiry. Suggested areas which written evidence might address are given in the Press notice below.

http://www.parliament.uk/parliamenta...al_centres.cfm

people described by treasury as either "involved in criminal activity or very very wealthy individuals". Best get ready to tell the family you are either a criminal or have been hiding loads of cash!

Isle of Man Chamber of Commerce answer to the question: "What has been and is the extent and effect of DTA abuse within Offshore Financial centres"

"A DTA is an agreement entered into by two nations. Almost invaraibly, where an individual or corporation has a presence in both jurisdictions, tax experts will endeavour to construct their clients affairs in a legitimate manner in order to minimize taxation. IF the tax planning is open and as is regularly the case prior consents from HMRC are sought this would seem to be symbiotic for both parties. Research by academics such as Desai et al suggest that without this relationship in the first place the group may chose another jurisdiction that offers this opportunity"

The overriding message is that the government and treasury seem to be ignoring large corporations woh utilise a large number of offshore instruments to optimise their tax position. There appears to be no action planned to address this issue or stem the reduction in CT which is occurring year on year.

There is also a lot of comment on tax evasion not being addressed and more focus should be given to criminal activity which according to this report the government is very much aware of.

There is a recommendation to abandon the non-dom clause with immediate effect. Its been described as totally inappropriate and will create a ring fenced country that stems the flow of investment.

**DonkeyRhubarb** · 21 July 2008, 16:37

Finance Bill receives Royal Assent

The budget (including BN66/Clause 55) became law as of today.

If you want to discuss this, please do it here:

http://forums.contractoruk.com/accou...t-back-83.html

Let's keep this thread clean for NEWS ONLY.

**DonkeyRhubarb** · 25 July 2008, 14:20

Update from Montpelier

The following will be going out to all clients.

In respect to the recent HMRC letter, it remains our opinion that the retrospective introduction of tax legislation is contrary to the Human Rights Act and we will now actively pursue a challenge to this specific legislation via a request for a Judicial Review. We are currently consulting with Tax Counsel on this point and will revert to you as soon as possible.

In the meantime we advocate no individual response to this letter but for contractors to wait for the closure notices to be issued. Please let us have copies of the closure notices as a matter of urgency as we only have 30 days to appeal and apply for the postponement of the tax.

We will resist any attempt by HMRC to refuse the application to postpone tax.

If you have not already done so, please let us have a copy of the HMRC letter.

If you want to discuss this post, please do it here:

http://forums.contractoruk.com/accou...t-back-83.html

**DonkeyRhubarb** · 25 July 2008, 15:09

2006/7 tax returns

From MontP:

We don't intend to submit amended 2006/07 ITR's. Management team feel they were completed correctly and we will not amend them.

If you want to comment on this please do so here:

http://forums.contractoruk.com/accou...-back-106.html

**DonkeyRhubarb** · 16 September 2008, 08:34

HMRC guide to CTDs

This link contains an overview of CTDs, details of how to make a payment and an FAQ.

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

**BrilloPad** · 18 September 2008, 09:58

Just to confirm that if montp lose then there will be back tax and interest to pay. But there will be no compounding of interest and there will be no penalties.

Bn66 - News Updates