BN66 - JR Judgement Day

[lucozade]

MPs expenses and retrospection

Did anybody else catch the MP on the radia today talking about expenses and the fact the retrospection is unlawful. I think his name was Mcartney or something.

[smalldog]

daily express

I also read in the paper today a Judge has stated he thinks the retrospectivity of MP's having to pay back monies which were claimed within the rules at the time is not enforceable.....maybe him and Kenneth should have a beer or two...

bring it on!!!! pressure is building......

[Emigre]

I also read in the paper today a Judge has stated he thinks the retrospectivity of MP's having to pay back monies which were claimed within the rules at the time is not enforceable.....maybe him and Kenneth should have a beer or two...

bring it on!!!! pressure is building......

No pressure on them at all. They always had a different set of rules.

[smalldog]

No pressure on them at all. They always had a different set of rules.

hehe yes but the public pressure, to have one set of rules for MP's that totally flies in the face of another set of Rules for the general public is pure Animal Farm, just trying to work out which of the pig characters Timms is....Orwell was so scarily accurate, whiskey and cards anyone?

[normalbloke]

Quote from David Cameron:

"These unfair, retrospective taxes from the Government’s tax inspectors will push firms across the country into insolvency. This is the worst possible tax change to introduce in the middle of a recession."
(http://www.conservatives.com/News/Ne...ndustries.aspx.)

Has anyone on this forum sought his view on our own case?

Yes, but not recently. As I have said, he's my local MP. His reply to one of my initial letters was that the Tories were against the retrospective element of BN66 and thats why they opposed it in Parliament and at the committee stage. Unfortunately it went to a division and NL won by weight of numbers. I am holding fire as DR suggests, before launching another round of letters. When the time comes I will quote his words back to him.

[smalldog]

BBC blog on MPs expense

Notice nobody has called them expenses dodgers!!!

Conservative MP Bernard Jenkin - who Sir Thomas recommended should repay £63,250 - had the amount reduced by £27,000 while the ex-Conservative minister Peter Lilley had his demand for £41,057 overturned entirely on appeal.
The judge who ruled on appeals, Sir Paul Kennedy, said each case had to be looked at "on its own merits".
He also said he was "particularly troubled" that MPs who had not broken any rules at the time had been accused of making "tainted" claims or having "breached the requirement of propriety".
Many MPs complained that Sir Thomas had retrospectively applied limits to claims for gardening and cleaning that were not in place at the time.

welcome to our world chaps!!!!

[Doug1965]

Notice nobody has called them expenses dodgers!!!

Because they grabbed them with both hands rather than dodging them

[DonkeyRhubarb]

Surely the interest stops accruing on the amount you have a CTD for, from the date of the CTD, otherwise what's the point ?

Correct.

But that didn't appear to be the question that was being asked.

[Toocan]

Toocan: An informative post.
However, isn't the attraction of a CTD the fact that you can stop interest accruing on the WHOLE amount you owe immediately (providing you have the funds of course)?
Whereas, there is a limit to how much you can place in a cash ISA immediately and thereafter, each year. In fact, supposing you owe £100k, it would take about 30 years (at the current allowable annual deposit rate) to securely deposit the lot!

Hi NTR,

You've asked a mixed question, let's see if the answer is in here:

• Any interest accured on a tax bill to date will NOT be cancelled by a CTD
• When you take out a CTD the interest on your tax bill will stop acruing to the extent that the CTD covers the tax bill. So if you are due £100 in tax and take out a £100 CTD then no more interest is added. Any interest due previously will still be due however. It's just that no more will be added. If you took out a £50 CTD then interest would continue to be charged on the remaining £50.

The exact mix of savings methods will depend on how much you owe. The cash-isa (£3,600 now, £5,100 per year after April) for you and your partner (if appropriate) would allow you to save £17,400 right away. Then, as I said in my message, you'd have to look at savings accounts, mortgage overpayment etc. You really do need to look at the interest rates offered to figure out what will work for you.

However, do note that even a non-ISA savings account can be better than the CTD option.

A standard savings account paying 4.7% yields 3.76% after tax for a standard rate taxpayer (again, that might be your partner if not you); but only 2.82% for a higher (40%) rate taxpayer.

You also have to consider at the situation if we win: All of those interest amounts will then be yours - where as with the CTD option you'll only get the money back - no interest at all for practical purposes.

There isn't one answer but with the cash-ISA I would be surprised if anyone could make a numerical case for taking out CTD's to the full value of the potential debt.

Having said all that, it is your choice. The important point is to be covered whatever the outcome.

[elpinar]

i did put this up the other day - but if people are looking at savings vs ctd - if you have any money in any cash isas - you can transfer them over to the leeds buiding soiciety - they have a grat 5 yr fixed isa at 4.6% - you can withdraw up to 75% of the money wiht no penalty at any time - and on any above that you will pay a penalty of 6 mtns interst BUT being as most isa's are fixing at abt 2% for a year - if you keep it a year you would still be better off (as coul have 4.6% on 25% of it and then 2.3 % on 75% (4.6 minus your penalty) ... buit the longer you hold it the better the return - just dont be put pff cos its 5 year - think of it s 1 year ,,, and after than your quids in .

we just swapped for egg that had gone form 3.55 to 1.05 in a year or so and alliance and leicester whcih had done pretty much the same.

you dont even have to go there - print the apply by post form off their website - sticfk it in the post ... job done