BN66 - JR Judgement Day

[PlaneSailing]

50% tax band

Lets see what happens here then....


http://www.timesonline.co.uk/tol/new...cle7011728.ece

[TaxDude]

CNs

A beautiful present arrived on Friday !
Whats up with the paper they use ? Worst than Tesco Value Printing paper !
I am going to suggest they use my money to increase the stationery budget !

FYI for anyone who hasnt received theirs - Additional Tax about 30-35K a year.
Sending to MP to appeal !

[elpinar]

A beautiful present arrived on Friday !
Whats up with the paper they use ? Worst than Tesco Value Printing paper !
I am going to suggest they use my money to increase the stationery budget !

FYI for anyone who hasnt received theirs - Additional Tax about 30-35K a year.
Sending to MP to appeal !

what do you mean about the additonal tax? dont understand (and obviulsy havent received whatever it is

[DonkeyRhubarb]

Very sensible attitude in my opinion

I feel the same, I certainly wont be settling yet, and not just because I cant.
What I do hope though is we dont fall back into the hubris that I saw on the forum before the JR. It was the same before the Treasury comittee. We got ourselves worked up to the point it was a foregone conclusion. It wasnt and isnt. What it did for me was give me a wake up call that I need to plan ahead and prepare for the worst so it wont affect my family too much.

I plead guilty to this.

[nuffsaid]

Lets see what happens here then....


http://www.timesonline.co.uk/tol/new...cle7011728.ece

Both Labour and the Tories have indicated that the 50p tax rate could not be reduced immediately because the public finances are so precarious.

I think it is likely we will be told the same thing.

[SantaClaus]

I know that people have differing opinions of PCG, but now that the judgement is out in the open, people should be made aware of the far reaching implications of it as it stands!!
Monday, 01 February 2010

PCG, the representative body for freelancers, contractors and consultants in the UK, has expressed concern at Friday’s landmark case in the High Court allowing HM Revenue & Customs to levy taxes retrospectively.

A self-employed IT consultant, Robert Huitson, had challenged the Revenue’s right to levy taxes retrospectively. Mr Huitson’s barrister said that this had broken his rights under the Human Rights Act as up until 2008, Mr Huitson’s tax affairs had been legal.

However, Mr Justice Parker rejected this pointing out that the Revenue had warned the users of the tax avoidance scheme that it might be challenged, and he said the Government was entitled to change tax law retrospectively to squash artificial arrangements.

“Whilst we recognise that the High Court Judge has clearly set out his reasons for upholding the 2008 Finance Act which allowed the Revenue to claim back this tax retrospectively in this particular instance”, said PCG Chairman Chris Bryce, “we share a common concern with all taxpayers that this judgement may be seen as opening the door to retrospection.”

“For a seven year period up to 2008 HMRC failed to take any action before the law was changed, despite being well aware of these arrangements. Whilst PCG in no way encourages off-shore tax arrangements we object in the strongest terms to taxpayers being retrospectively penalised for arranging their tax affairs in a way which was entirely legal and proper at the time they undertook to do so.”

Chris Bryce concluded; “I note our concern with retrospective taxation is widely shared. PCG will continue to watch this area very closely.
HMRC must not feel this is a green light to retrospectively challenge other, entirely legitimate behaviour.”

Typical wooly and non-commital response from the PCG.

Go ahead and watch HMRC carefully then, PCG! This is the green light for retrospection and HMRC will be challenging other "legitimate" behaviour. Of course, it remains to be seen what is legitimate and what isnt. That's up to HMRC to decide on a whim.

[TaxDude]

what do you mean about the additonal tax? dont understand (and obviulsy havent received whatever it is

Basically this is the tax now due on the amount you claimed as Tax free each year due to DTA when you did your returns each year

[DonkeyRhubarb]

Montpelier Letter

Should be going out tomorrow.

The reason for the delay is that it will be very detailed.

I'm sure it won't satisfy everyone, especially those who were hoping for some form of offer of negotiation with HMRC.

Those who are in it to win should be suitably impressed.

Please do not discuss the content on here.

[robinhood]

Should be going out tomorrow.

The reason for the delay is that it will be very detailed.

I'm sure it won't satisfy everyone, especially those who were hoping for some form of offer of negotiation with HMRC.

Those who are in it to win should be suitably impressed.

Please do not discuss the content on here.

Sounds promising - I need some cheering up big time

[Cornish Cream]

Response from De Graaf

All - yesterday I received a response from De Graaf - which I will not publish on here.. I will send a copy to the Donkey later today... DR you can send it out to others if requested...