BN66 - Court of Appeal and beyond

[screwthis]

No, they are talking about a charge in addition to interest.

The CIOT has ripped the proposals to shreds.

http://www.tax.org.uk/Resources/CIOT...HRTAS_CIOT.pdf

Yeah I know.
My point is that there is already an universally accepted method of compensating a party for receiving money at a later date that takes into account the size and duration of the payment(s).
This is called interest.

Obviously this is not enough and they were looking to impose a further punative piss take on top.
Am glad to hear it got ripped it up.

[DonkeyRhubarb]

Obviously this is not enough and they were looking to impose a further punative piss take on top.
Am glad to hear it got ripped it up.

I doubt the CIOT's response will make much difference. It might be tweaked slightly but it will probably still go ahead anyway.

I think it's unlikely this will have any effect on us.

[screwthis]

I doubt the CIOT's response will make much difference. It might be tweaked slightly but it will probably still go ahead anyway.

I think it's unlikely this will have any effect on us.

Imagine if they applied this retrospectively to us.

No more far fetched than what's already happened.

[TalkingCheese]

20k Short

Tax/NIC

Sign up with the HMRC gateway and this will give you the tax/nic suspended for each year.

https://online.hmrc.gov.uk

Your HMRC Services -> Self Assessment -> View account -> Tax Years

Then select each year you were in the scheme.

The figure you are looking for is Less other adjustments. If you click on this it should show the payments on account which are currently suspended pending appeal.

Interest

Then use my interest calculations in the 1st post of this thread to estimate the % uplift for each tax year.

Hi DR,

Belated thanks for this. Just had a crack at calculating what I owe and I know you said it was a rough guide but when I calculate as above, using the % uplift for each year it is about 20k short of what was on my CN I got for Christmas from HMRC in 2008. Where did you get the %s from ? Maybe I missed something...

[SantaClaus]

Thanks for proving that every internet forum argument eventually comes back to Hitler and the Nazis

They did not come after you because of your politics, cause, race or religion.

No they didn't, but if you can't see an analogy in my point, I'm not going to waste my time explaining it in nursery school English

Amazing what comes out of the woodwork after lurking for so long Now where did I put that fungicide?

[silver_lining]

They did not come after you because of your politics, cause, race or religion.

dear oh dear .......another one........

remember your mantra and stay on the wagon, ....."I must not speak out and remove all doubt... repeat... ".....

[centurian]

And there was no one left

So if there was no one left, who came after you


Sorry, but it's a crap analogy. If you're trying to use it to garner outside support (no point in posting it - unless its just a mutual back slapping exercise), it just isn't working.

[SantaClaus]

So if there was no one left, who came after you


Sorry, but it's a crap analogy. If you're trying to use it to garner outside support (no point in posting it - unless its just a mutual back slapping exercise), it just isn't working.

Jesus! I got better things to do with my time. You obviously haven't.

[DonkeyRhubarb]

Hi DR,

Belated thanks for this. Just had a crack at calculating what I owe and I know you said it was a rough guide but when I calculate as above, using the % uplift for each year it is about 20k short of what was on my CN I got for Christmas from HMRC in 2008. Where did you get the %s from ? Maybe I missed something...

The %s are calculated from HMRC's historical interest rates over the past 10 years.

HM Revenue & Customs: Interest rate on late payments pre 05/04/09

As a sanity check, take for example 2001/2.

Interest would start accruing from 2002 onwards.

Between 2002 and 2008, it averaged around 6.5%. That's 7 years @ 6.5% = 45.5%.

From 2009 onwards it's been 2.5%. So, 2.5 years @ 2.5% = 6.25%.

Total uplift would therefore be 45.5 + 6.25 = 51.75%.

This tallies with the figure of 52% in the table in the first post of this thread.

The uplifts certainly come very close to HMRC's figures when I apply them to my liabilities for 2001/2, 2002/3 and 2003/4.

[PlaneSailing]

Discrimination?

I've just received this link in an email:

Taxman

Is it the case that EBT schemes are about as 'aggressive' as the MP scheme?

If that's the case how come the legislation put in place to block them was not applied retrospectively? Surely there is an argument to say we are being dealt with unfairly. There's that word again.