BN66 - Round 2 (Court of Appeal)

[smalldog]

HMRC are a long, long way from getting a penny out of us.

Apparently, letters went out from Montpelier to everyone yesterday confirming that the appeal has been filed with the Court of Appeal.

As we know, it is not unusual for written applications to be rejected, so we may have to go to an oral hearing.

Montpelier had previously committed to take it as far as the Supreme Court but WG says they will go to Europe if necessary.

Even if the human rights argument ultimately doesn't prevail, Montpelier have several "Plan B's" up their sleeve.

And let's not forget the Steed/KPMG case, and PwC who are backed by a consortium, including a property developer who put £60M through the scheme.

If HMRC think this is going to be easy they better think again.

DR completely agree, I just like to have my potential end games played out, its the chess player in me!!

[DonkeyRhubarb]

£60m! Couldn't he just pay for the rest of us?

I think that might be a bit of a stretch. This developer has however put up most of the initial £1M fighting fund.

[PlaneSailing]

I think that might be a bit of a stretch. This developer has however put up most of the initial £1M fighting fund.

Good lad

[johnnyguitar]

im more thinking of getting all the money in £50 bills and burning it

If the only alternative is going bankrupt - why not remortgage what you can, credit cards etc, fly to Monaco and stick it all on black?
then - who's to say if you won or lost ?
if you lose, well you were going bankrupt already. if you win, well, you decide want you want to do with it...

[BolshieBastard]

So they don't keep a record of the cost of their lawyers and they
are happy to bankrupt people EVEN if it costs the government money.

How can they possibly judge if any of their actions actually have
an overall benefit to the tax take?

Could it be that the revenue pay bonuses to inspectors on the amount
of 'extra' tax they bring in and do not consider the cost?

If I ran projects like that, I wouldn't be worried about BN66 as I'd
never get a job.

You only have to look at what HMRC are doing with Portsmouth FC. OK we can go on about football finances etc but, HMRC want to bankrupt Portsmouth even though they'll get a lot less money than if they tried to work with them and recover the debt over a period of time.

As I said yesterday, the reason for this is manyfold, not the least of which is vindictiveness.

What other reason can there be for making someone bankrupt when you know you are going to get virtually nothing back?

[BolshieBastard]

It **might** not be as simple as that.

Joint assets can be held as tenants in common or joint tenants. In one case (joint tennants) the asset is owned by both parties and passes absolutely to the other on death.

In the other case tennants in common both parties absolutely own a defined share (and becomes part of the estate on death).

Just been through this as we bought the leashold to our property and had the option to choose.

Joint tennants means the lease is owned by both of us and passes to the survivor on death.

Under tennants in common, you each own 'your' share which doesnt automatically go to the survivor.

HTH

[SantaClaus]

If HMRC think this is going to be easy they better think again.

I agree with DR. Let's not get too despondent with talk of bankruptcy just yet. This is only round 1 and it's going to be a long, long fight.

[DonkeyRhubarb]

Pilot Possibly Angered by Contract-Worker Tax Issue

Is this an omen of things to come?

http://online.wsj.com/article/SB1000...-WSJ-US-News-3

[SantaClaus]

Is this an omen of things to come?

http://online.wsj.com/article/SB1000...-WSJ-US-News-3

Does anyone have a pilot's license?

[robinhood]

HMRC are a long, long way from getting a penny out of us.

Apparently, letters went out from Montpelier to everyone yesterday confirming that the appeal has been filed with the Court of Appeal.

As we know, it is not unusual for written applications to be rejected, so we may have to go to an oral hearing.

Montpelier had previously committed to take it as far as the Supreme Court but WG says they will go to Europe if necessary.

Even if the human rights argument ultimately doesn't prevail, Montpelier have several "Plan B's" up their sleeve.

And let's not forget the Steed/KPMG case, and PwC who are backed by a consortium, including a property developer who put £60M through the scheme.

If HMRC think this is going to be easy they better think again.

Thanks for that DR - I was beginning to get a even more depressed what with all this bankruptcy talk (not good on a Friday) . Time to chill out and get the beer goggles on