No To Retro Tax – Campaign Against Section 58 Finance Act 2008

[DonkeyRhubarb]

HMRC telling porkies?

While things are a bit quiet, here is something that might be of interest.

http://www.whatdotheyknow.com/reques...s_were_never_u

It's worth reading all of it, especially the request for a review on 1st October.

[lucozade]

While things are a bit quiet, here is something that might be of interest.

One-third of trusts were never used - a Freedom of Information request to Her Majesty

It's worth reading all of it, especially the request for a review on 1st October.

Good effort and a nice touch at the end with the reporter showing interest.

[TalkingCheese]

Quiet...

While things are a bit quiet...

Only quiet on the surface

[harmony]

Gauke doesn't want to play

Finally got a response frm my MP to the NTRT update pack - saying he doesn't think he can do more.
He's enclosed a new Gauke response, accusing me of chosing an aritifical scheme to avoid tax and alleging that I was aware HMRC could investigate.

He also alleges that I paid an effective tax rate of 5% or less, which certainly doesn't square with my tax returns.

He finishes off by stating that those who undertake tax avoidance through agressive schemes must accept the assoicated risk. He confirms that the previous Government deemed it was reasonable and priortonate to introduce retrospective legislation.

Finally..."In view of this, I do not feel that anything further can be usefully accomplished by
meeting with representatives of the No to Retro Tax campaign, a campaign whose only
purpose is the removal of legislation put in place in response to a wholly artificial tax
avoidance scheme."

All sent on to NTRT ...

[GripRacing]

Finally got a response frm my MP to the NTRT update pack - saying he doesn't think he can do more.
He's enclosed a new Gauke response, accusing me of chosing an aritifical scheme to avoid tax and alleging that I was aware HMRC could investigate.

He also alleges that I paid an effective tax rate of 5% or less, which certainly doesn't square with my tax returns.

He finishes off by stating that those who undertake tax avoidance through agressive schemes must accept the assoicated risk. He confirms that the previous Government deemed it was reasonable and priortonate to introduce retrospective legislation.

Finally..."In view of this, I do not feel that anything further can be usefully accomplished by
meeting with representatives of the No to Retro Tax campaign, a campaign whose only
purpose is the removal of legislation put in place in response to a wholly artificial tax
avoidance scheme."

All sent on to NTRT ...

I got the same/similar response from David Gauke via my MP too a few days ago.

Carl @ NTRT gave me the response to send back with the key questions (that have never yet even been acknowledged by Gauke, never mind answered) stated again - and that went back via my MP yesterday.

Grip

[TAF4]

Carl @ NTRT gave me the response to send back with the key questions (that have never yet even been acknowledged by Gauke, never mind answered)..........Grip

Having been fobbed off on a number of occasions by my MP (as directed by Gauke), he may by now be getting the idea that I have taken the advice and given up.

I think the time is right to rattle his cage again. Could we get a summary from NTRT of the hard-hitting questions that are being comprehensively avoided so that I can give my back-bencher something to think about?

[OnYourBikeGB]

Another reply

I've also got the latest Gauke standard response. What's a bit odd about this is I'd already received it. Much the same as the other responses, if I was to translate it would amount to 'Previous Government did it, courts supported it and I'm too much of a gutless, self-serving hypocrite to do anything about it'. What was a little disappointing is that while my MP, who has been very supportive up to this point, the tone of this letter was much more factual, wishing me good luck with HMRC etc.

But the battle goes on.

[travellingknob]

CTDs

Can someone confirm my understanding is correct:
a) If you buy a CTD its stops any further interest building up on your suspended tax liabilities
b) In addition to a) above you get interest on your CTD deposit albeit at a very low rate.
c) The interest rate on the CTD is slightly higher if you use it to pay tax rather than having the money paid back to you.
d) They only make up the interest when you actually use or cash in the CTD. The interest is paid gross and you'll have to declare it on your SA return

Correct ?

[travellingknob]

A couple of weeks back it was mentioned there was another coordinated effort in the pipeline. Any timescale ? Need to respond to my MP but it seems a bit pointless asking they support Gawke meeting with NTRT since we already know exactly what the response will be. New tact or continue as we are ?

[DonkeyRhubarb]

Can someone confirm my understanding is correct:
a) If you buy a CTD its stops any further interest building up on your suspended tax liabilities
b) In addition to a) above you get interest on your CTD deposit albeit at a very low rate.
c) The interest rate on the CTD is slightly higher if you use it to pay tax rather than having the money paid back to you.
d) They only make up the interest when you actually use or cash in the CTD. The interest is paid gross and you'll have to declare it on your SA return

Correct ?

Yes but I'd forget about the interest, as it's bugger all. In fact, for CTDs under £100k I believe it's 0%.