BN66 - Court of Appeal and beyond

[swede]

Anyone for starting a EuroMillions syndicate?

UK seems to be having a lot of luck with big wins of late - a couple of these under our belts might come in very handy.

[Disgusted of Coventry]

Wonder, why Barclays (and others affected) not going to the courts - UK and Europe. Or are they fighting this?

From what I read last night on the FT site, Barclays had put/were going to put £500m through the scheme. They will now have to repay/pay 26% of that. Barclays are apparently questioning the figure of £500m.

I could be wrong though!

NB. Barclay's have also signed up to the Banking Code of Practice, part of which is a solemn undertaking not to use abusive tax avoidance schemes (yeah right!).

[helen7]

Received my letter from Monpellier.

Mine seems to read......We have done all we can; lets hope the steed/kpmg can do something; then we can ride there coattails.

With a Montpellier hat on - why would they help us negotiate a deal or support us any further since the fee's we owe them are based on the scheme having been effective (which it clearly hasn't).

[Shropshire Lad]

To pay, or not to pay..............

I'm a long time Lurker and can only thank all of you for the wealth of information and advice given on this forum. I've completed all the petitions and letters to MPs and will continue to do so.

I'm now considering paying some money to HMRC in the way that stops interest accruing but means I can get the money back if we win. I don't know if I'll be able to raise the whole amount and it would be a real struggle, but if a deal is struck in the future would this count against me, proving that I could pay the whole amount?

Thanks.

[PlaneSailing]

The Barclays tax avoidance was lead story on Radio 4 Today programme this morning.

Gauke was interviewed. The legislation does appear to be fully retrospective, clawing back tax from previous transactions. Gauke said they would continue to use retro in exceptional circumstances. The interviewer pointed out the signal this sends for doing business in the UK but Gauke brushed it aside.

I wonder if it is a mere coincidence that this announcement comes a couple of weeks after the Supreme Court turned down our appeal?

Not suprisingly, the story seems garbled, but Emigre is right,
The retrospection only goes back to Decemeber 2011.

Consultation on draft legislation for Finance Bill 2012 - HM Treasury

Although or friends at the revenue consider it partially retrospective :


HM Revenue & Customs: Tax avoidance schemes closed

Click through to see the ful explanation in a PDF.

Gauke needs to amend BN66. It's only fair. Whatever that means.

[BrilloPad]

With a Montpellier hat on - why would they help us negotiate a deal or support us any further since the fee's we owe them are based on the scheme having been effective (which it clearly hasn't).

Those latrer into the scheme like myself have already paid their fees. Some here paid 4% with 6% to be paid if/when MP won. MP still have millions riding on those fees.

If MP lose they will suffer a massive reputation loss.

MP are showing no sign of abandoning us. Maybe the tribunals will be slow enough for something to happen in Europe.

Lets say MP do abandon us (which I doubt). What are we going to do about it? Throw good money after bad?

[BrilloPad]

I'm now considering paying some money to HMRC in the way that stops interest accruing but means I can get the money back if we win.

Do you mean a CTD?

[Buzby]

next phase

Seems UK government is now happy to use retrospective laws when it needs the money.

wonder how I can find out how this guy managed to go bankrupt and keep his house:

Tax bosses give £70k job to bankrupt | The Sun |Home Scotland|Scottish News

[BrilloPad]

Seems UK government is now happy to use retrospective laws when it needs the money.

wonder how I can find out how this guy managed to go bankrupt and keep his house:

With falling house prices, I wonder if he had a mortgage for 100% plus of his property value?

[Shropshire Lad]

Do you mean a CTD?

Yes BrilloPad. I've cashed in a small ISA we had as the stock market seems a little risky now that it seems more likely we may have to pay. I could borrow some on the mortgage but of course I'll only do that if the interest I'm paying is less than the 3%(?) HMRC are currently charging. My question was simply that if I did manage to raise the whole amount for a CTD and then a deal is struck at say 60%, or there is some leniency (yeh right!!) for people who would be in hardship, am I putting myself in a worse position by showing I actually could raise all the funds.

Cheers.