BN66 - Court of Appeal and beyond

[TalkingCheese]

Yikes !

BBC News - Bank tax dodges halted by retrospective law

"The government said it would change the law retrospectively and immediately to stop anyone else using the scheme."

That's not good :-(. Difference is I wonder if any individuals will be bankrupt/lose their home/suffer mental stress for years as a result ? Probably not...

[Disgusted of Coventry]

Which version of retrospective do they mean?

BBC News - Bank tax dodges halted by retrospective law

"The government said it would change the law retrospectively and immediately to stop anyone else using the scheme."

Which version? The 1987 variety or the 2008 variety?

[Emigre]

BBC News - Bank tax dodges halted by retrospective law

"The government said it would change the law retrospectively and immediately to stop anyone else using the scheme."

Unless I'm misreading the article, Osborne is NOT saying the Govt is going to change the law retrospectively back to a previous date, but rather do as has been happening increasingly often to change the law prospectively from today's date. The retrospective aspect arises from the legislation only following by way of FA 2012 getting Assent in July. This action is regarded as retrospective but is ok, where essential, because people's legitimate expectations are properly managed.

Compare that with BN66 and S58 FA2008...

JK doesn't come from Scunthorpe does she?

[swede]

This action is regarded as retrospective but is ok, where essential, because people's legitimate expectations are properly managed.

yes, that almost sounds ....well.... "Fair".

[Taffia]

Submitted mine for what it's worth. Quite happy for anyone to copy/amend my entry if it makes life easier. Come on, lets see 3000 submissions!

Dear sir/madam,

I would like to see the retrospective aspect of Budget Note 66 (2008 Finance Bill) removed in the 2012 budget.

Myself and 3000 other computer contractors have been unfairly targeted for the first ever retrospective tax and many of us will be bankrupted, having to sell our homes and ruin our children's future as a result.

It is completely fair that the tax avoidance loophole addressed by BN66 was closed in the 2008 finance bill, but I cannot see how the govt. can justify backdating the change 7 years priors to the bill.

At the very least, the Treasury should insert a clause into the 2012 budget stating that interest will not be chargeable on the retrospective tax. It is completely unreasonable to assume that it should be.

As you are aware this issue has now exhausted the UK courts and will eventually be heard in the European Court of Human Rights. No doubt, it will send a signal to businesses that the UK does not have a fair and transparent tax regime.

It is interesting that our political leaders in government and working for HMRC think it completely acceptable to use Personal Service Companies to reduce their tax bills whilst attempting to bankrupt the "little person" such as myself for using a tax avoidance scheme that was perfectly legal at the time.

Done. Also got my letter from MP today.

[SantaClaus]

Done. Also got my letter from MP today.

Good stuff!

[smalldog]

done too. guess you never know..

[Ninja]

Hypocracy

A tax expert or similar was quoted saying something along the lines that it wasn't so much as the government changing the goalposts as changing the rules of the game long after the final whistle.

Does anyone have a link to that quote? I like it. Retrospection goes completely against the traditional British virtue of fair play - something else to highlight in our letters. (Yes, some will mock but so what?)

Livingstone etc......I like the "full share" rather than "fair share". quote. Is that a disbenefit or possibly advantageous to us? What about if you look at his quote retrospectively? Did he pay his full share or fair share or neither? Was he avoiding tax? Should he be allowed in public office according to his own statements which, if quoted correctly, were shining bright in their clarity? Maybe he needs to change or clarify them. This gets very confusing..........

How about this......

Retrospective legislation hypocracy

"The MP added: "Imagine that you have been driving, perfectly legally, through a 30 mile an hour zone at a speed of 25 mph.

"Imagine then your reaction when, five years later, you receive multiple fines as a decision has been taken to change, retrospectively, the speed limit to 20."
Frank Field, Oct 2009 when referring to potential retrospective changes, proposed by Sir Thomas Legg, to MP's expenses

[Disgusted of Coventry]

Retrospective to 1st Dec. 2011

Unless I'm misreading the article, Osborne is NOT saying the Govt is going to change the law retrospectively back to a previous date, but rather do as has been happening increasingly often to change the law prospectively from today's date.

It looks like the retrospective element has effect from 1st Dec. 2011. I think it's of the 1987 variety, wherein it prevents future profit from past activities.

http://www.hm-treasury.gov.uk/d/wms_...ips_270212.pdf

At any rate, Mr. Gauke describes it as "full retrospective effect". So what does that make s58? Fuller?

[OnYourBikeGB]

done too. guess you never know..

Also done. And a letter to my MP asking what can be done to hold HMRC to their word that collection will not be enforced until the end of the legal process, as they stated in open court.