BN66 - Time to fight back (Chapter 3)

[nuffsaid]

With the markets getting increasingly twitchy I'm now considering dumping my offset mortgage.

I was under the impression that if the lender went belly-up my savings would pay off part of my mortgage and I'd be left with the outstanding mortgage balance.
But I've since found out that there is a possibility that they would keep any savings over £50k but leave me with my FULL mortgage debt. In other words, my mortgage and savings would be treated as two separate accounts.

Okay, a colleague here has spoken to the FSA regarding this and they said that whilst the two accounts could be treated as separate entities, it is more likely that they would be considered as one account and the balances merged.
This is most likely because the contract signed when taking the mortgage out would have been a combined borrowing and saving contract.

Although he did finish off by saying that this was his view and we wouldn't know for sure untill it happens!! Sounds familiar

[seadog]

With the markets getting increasingly twitchy I'm now considering dumping my offset mortgage.

I was under the impression that if the lender went belly-up my savings would pay off part of my mortgage and I'd be left with the outstanding mortgage balance.
But I've since found out that there is a possibility that they would keep any savings over £50k but leave me with my FULL mortgage debt. In other words, my mortgage and savings would be treated as two separate accounts.

I am very cynical about the way in which banks etc put in obscure small print to catch you out. It always seems the samll print is in their favour.

Even if the risk of the bank going to the wall is small I would not take the risk of leaving to chance.

[BrilloPad]

Does anyone know the date of the JR?, how long it is expected to last? and what is a normal period between end of JR process and the JR announcing it's decision?

Welcome to the bn66 thread

Still no date for the JR : I heard recently they can take up to 9 months so could be July!!

We need to see how long it will be listed for : I would guess a few days?

I think it takes about a month for decision?

Then its possibly off to the ECHR......

[TheGadgetMan]

Welcome to the bn66 thread

Still no date for the JR : I heard recently they can take up to 9 months so could be July!!

We need to see how long it will be listed for : I would guess a few days?

I think it takes about a month for decision?

Then its possibly off to the ECHR......

Just as a point of interest, how much are flights to Strasbourg nowadays? I'm sure you can get a cheap flight thru EasyJet...

anyone up for a few days drinking latte in a nice street restaurant?...perhaps MrYouKnowWho () might like to join us and we could 'discuss' () the various interpretations of the IoM DTA?

[Squicker]

Just as a point of interest, how much are flights to Strasbourg nowadays? I'm sure you can get a cheap flight thru EasyJet...

anyone up for a few days drinking latte in a nice street restaurant?...perhaps MrYouKnowWho () might like to join us and we could 'discuss' () the various interpretations of the IoM DTA?

With all the money I'll be saving I may even buy him a drink just to show him no hard feelings. Everyone makes mistakes, admittedly not big clangers like the one he's presiding over right now but hey, he'll probably be out on his ear when it gets out what a monumental cluster f*** this is and he'll need all the friends he can get!!

[DonkeyRhubarb]

Just replying to my MP's request for a summary of the Government's duplicity in passing the legislation.

What do you reckon?

No-one would deny the Government's right to counter tax avoidance, yet the simple truth of the matter is that if they had acted to close this loophole when HMRC first became aware of it, then there would have been no need to resort to retrospection. Their claim that this only became a problem in 2007 is not supported by the facts. As far back as 2003, HMRC had already placed several hundred users, including myself, under enquiry.

Reading the transcripts of the Finance Bill debates, it is clear that the Government were highly selective in their presentation of the facts. For example, at no time did they reveal that HMRC already had thousands of tax returns under enquiry going back as far as 5 years. Indeed, it is hard not to conclude that the Government deliberately hid the true extent of HMRC’s investigation into the scheme, in order to give the retrospective measure an air of legitimacy.

[smalldog]

Just replying to my MP's request for a summary of the Government's duplicity in passing the legislation.

What do you reckon?

No-one would deny the Government's right to counter tax avoidance, yet the simple truth of the matter is that if they had acted to close this loophole when HMRC first became aware of it, then there would have been no need to resort to retrospection. Their claim that this only became a problem in 2007 is not supported by the facts. As far back as 2003, HMRC had already placed several hundred users, including myself, under enquiry.

Reading the transcripts of the Finance Bill debates, it is clear that the Government were highly selective in their presentation of the facts. For example, at no time did they reveal that HMRC already had thousands of tax returns under enquiry going back as far as 5 years. Indeed, it is hard not to conclude that the Government deliberately hid the true extent of HMRC’s investigation into the scheme, in order to give the retrospective measure an air of legitimacy.

here bloody here, ultimately even our government who thinks they are above the law are accountable to the european court since they gave away power to europe without a referendum! hehehe

[DonkeyRhubarb]

Precedent?

If the Government got it's way over BN66, would it set a precedent?

Could they introduce more retrospective legislation, saying "this is just like BN66"?

If the courts allowed BN66, then presumably it would make it very difficult to ever challenge retrospective tax in the future.

I wonder how many other schemes and open enquiries HMRC already have in their sights if they win this one.

HMRC would have a field day if they could use retrospective legislation every time they came across something they didn't like. All they would have to do is open enquiries on every single tax return that contains a scheme reference number, and then sit back and wait a few years to see which schemes became the most popular and would generate the most money.

It would be like shooting fish in a barrel.

[BrilloPad]

If the Government got it's way over BN66, would it set a precedent?

Could they introduce more retrospective legislation, saying "this is just like BN66"?

If the courts allowed BN66, then presumably it would make it very difficult to ever challenge retrospective tax in the future.

I wonder how many other schemes and open enquiries HMRC already have in their sights if they win this one.

HMRC would have a field day if they could use retrospective legislation every time they came across something they didn't like. All they would have to do is open enquiries on every single tax return that contains a scheme reference number, and then sit back and wait a few years to see which schemes became the most popular and would generate the most money.

IANAL but IMO yes it would set a precedent. I think we have the full verbal support of PCG, accountants etcetc.

But these days no-one gets involved unless directly affected. Luckily quite a few of us are so its going to be a hell of a fight.

I also think most judges will take a dim view of the government re-interpretting the law. Thats the courts job.

[Ratican]

Brilliant! Loving it!

PS. there is a more appropriate version if you look up YouKnowWho's last name here:

http://www.urbandictionary.com/

Hi All - just back from 4 weeks in the Caribbean and catching up.
DR - Brilliant! Loving it! Great find...
If you have not been here - go now!
http://www.urbandictionary.com/autho...ez+Parlez+Vous