BN66 - Round 2 (Court of Appeal)

[DonkeyRhubarb]

BBC News - UK in talks over taxing Britons' Swiss bank accounts

"The UK would push for this to be a retrospective tax...."

To be fair this is evasion they're talking about.

I'd be surprised if the Swiss authorities would agree to a backdated withholding tax but, even if they did, it wouldn't be a retrospective tax.

There's no change in the law required to levy tax on the interest from savings accounts. If people have not declared it then they've broken the law plain and simple.

[smalldog]

To be fair this is evasion they're talking about.

I'd be surprised if the Swiss authorities would agree to a backdated withholding tax but, even if they did, it wouldn't be a retrospective tax.

There's no change in the law required to levy tax on the interest from savings accounts. If people have not declared it then they've broken the law plain and simple.

I actually agree with retro interest and penalties for evasion. I dont agree with it for avoidance on tax that has been declared since the beginning.

[DonkeyRhubarb]

I actually agree with retro interest and penalties for evasion. I dont agree with it for avoidance on tax that has been declared since the beginning.

It's not "retro" though. The existing law allows HMRC to go back 20 years in the case of fraud or evasion and apply interest and penalties. If you get caught doing this then you should count yourself lucky if you don't face a criminal conviction.

HMRC have been really soft on the offshore bank account evaders, offering amnesties and other generous inducements for them to come forward.

Meanwhile, the likes of us who were totally honest and above board, and declared every single penny, have been completely shafted.

Makes you wonder why we bothered being law abiding.

[DonkeyRhubarb]

I found this thread through searching on Montpelier. I am also an MP-advised derivatives trader however I have not heard anything from HMRC for a couple of years on the the matter. Interested to see that they have pursued you to a tribunal. I wonder why they went for you and not everyone? Please keep us informed. Do you have another thread or forum where this is discussed?

Hi, and welcome to our growing band.

Apparently, around 20 traders were due to have their cases heard at tribunal. HMRC have asked for a postponement of the hearings while they try and trump up fraud charges against MP (sorry I meant investigate alleged fraud ).

They are also writing to all the other users of the scheme so, if you haven't had a letter yet, one is probably winging your way.

I imagine the letter will be full of BS intended to put the frighteners on people.

[ASB]

To be fair this is evasion they're talking about.

I'd be surprised if the Swiss authorities would agree to a backdated withholding tax but, even if they did, it wouldn't be a retrospective tax.

There's no change in the law required to levy tax on the interest from savings accounts. If people have not declared it then they've broken the law plain and simple.

Quite. If people have stuffed their cash in an account anywhere and not told HMRC about any income received that is simple evasion.

What I don't like is that we seem to be trying to do a deal with the swiss for withholding tax. Perhaps this is a pragmatic view, but I do wonder about the message it sends.

[Alan Jones]

Hi, and welcome to our growing band.

Apparently, around 20 traders were due to have their cases heard at tribunal. HMRC have asked for a postponement of the hearings while they try and trump up fraud charges against MP (sorry I meant investigate alleged fraud ).

They are also writing to all the other users of the scheme so, if you haven't had a letter yet, one is probably winging your way.

I imagine the letter will be full of BS intended to put the frighteners on people.

DR you should start taking some of my medication because you are deluding yourself and losing credibility on this site. I have seen explicit details of the scheme and if its not fraudulent and/or being sold fraudulently then we can all start "robbing banks" with impunity.
To those involved in the "derivatives/financial" trading scheme i urge you to take independent legal advice (and NOT me).
This criminal investigation could have a major impact on the Huitson Case i.e. if HMRC successful and confiscation order granted then no funds available for Huitson !!

[BobTheCoder]

Interesting article from the Evening Standard yesterday - scroll down past the Bob Crow nonsense and see "It's evaders, not avoiders, the taxman must chase" - Boris Johnson should do a Rupert Murdoch and clip Bob Crow’s wings | Markets & Analysis

[DonkeyRhubarb]

DR you should start taking some of my medication because you are deluding yourself and losing credibility on this site. I have seen explicit details of the scheme and if its not fraudulent and/or being sold fraudulently then we can all start "robbing banks" with impunity.
To those involved in the "derivatives/financial" trading scheme i urge you to take independent legal advice (and NOT me).
This criminal investigation could have a major impact on the Huitson Case i.e. if HMRC successful and confiscation order granted then no funds available for Huitson !!

Give me one good reason why any client of Montpelier should listen to you given your ongoing 8-year bitter feud with the company and WG in particular?

You are as bad as HMRC coming here spreading your FUD.

[Fundamental Rights]

Give me one good reason why any client of Montpelier should listen to you given your ongoing 8-year bitter feud with the company and WG in particular?

You are as bad as HMRC coming here spreading your FUD.

Well said Donkey. This sad bitter little jones guy lives in a vindictive/ fantasy world.

Jones wont like this but I hear a temporary injunction has been granted in the IOM preventing release of any information taken as part of the recent search. This has been voluntarily extended to late November pending a Judicial Review of the lawfullness of the search. I guess there are parallel moves in the UK.

[DonkeyRhubarb]

Well said Donkey. This sad bitter little jones guy lives in a vindictive/ fantasy world.

I promised myself I would ignore him but I can't let it go when he starts dishing out advice to people who may not know his history.

If you want evidence of how sad and pathetic he is, read this:

Identification of person arrested - WhatDoTheyKnow