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

[travellingknob]

I think it’s pretty obvious what options would be put on the table if anything!! The best you could hope for would be a reduction in interest and/or penalties whilst the tax itself remains due, and given HMRC’s current position that’s highly unlikely. If you can’t pay even if such a deal were to be tabled then the result is still the same, bankruptcy!

The su moto deal charged only tax. There was no NI, Interest or Penalties. That would over half my liability and make it much more likely I and hundreds of others could pay. In any case the tax tribunals may well rule along those lines anyway. Infact the tax tribunals may even rule that s58 does not apply anyway. Faced with such an outcome and the massive pressue created by NTRT I see every possibility and deal will surface.

[portseven]

Hi all, so all good stuff with the MP's etc, any idea where we go from here?? I assume there is work going on in the background, is the move now to press for a change to the upcoming finance bill by NTRT, that seems the most obvious next step and if so what are the incrementals to get to that stage?

NTRT are meeting with the Treasury this week, expect to be the first of many difficult conversations with them.

[portseven]

At the end of all this, I hope we are going to a have a bloody big party!

[travellingknob]

I know bankruptcy is my only option. The money is gone. Mortgage is for 120% of house worth. Its interest only. No savings. I am not going to go into details publicly - though DR and SC know all about it.

There are a few in the same boat as me.

But its irrelevant. There will be no deal.

So its a fight to the death for me. And I am not going down on my own. What a waste of a life that would be.

My circumstances also changed and I'm only too well aware you cant borrow even a couple of grand if you dont have the income/credit score. Nonetheless houses in 20 years time will be worth multiples of todays value and inflation will erode debts. Who's to say i deal wouldn't include guarantees of no bankruptcy, taking charge on property or even collection through special 'recovery' tax rates the treasury could magic up in the next budget.
All I'm saying is that circumstancies change in both directions and given the will the treasury can most definately come up with alternative solutions.

[BrilloPad]

At the end of all this, I hope we are going to a have a bloody big party!

yep. a blanket party. guess who will be under the blanket......

[nevergiveup]

NTRT are meeting with the Treasury this week, expect to be the first of many difficult conversations with them.

Didn't they meet yesterday?

[Fireship]

The su moto deal charged only tax. There was no NI, Interest or Penalties. That would over half my liability and make it much more likely I and hundreds of others could pay. In any case the tax tribunals may well rule along those lines anyway. Infact the tax tribunals may even rule that s58 does not apply anyway. Faced with such an outcome and the massive pressue created by NTRT I see every possibility and deal will surface.

That’s exactly my point, if you know the tax liability alone is impossible to pay then the best you can hope to gain out of any deal with HMRC is bankruptcy, which sadly is the case for a large number of people/families….

As for tax tribunals, I agree entirely, however that’s dependant on a judgment which until made remains an unknown and I for one don’t see why HMRC should be allowed to put anyone in such a dangerous position when they acted within the law as it stood at the time – the fact that HMRC had to misrepresent the facts to ensure S58 became law makes the situation shocking on a scale I can’t even begin to articulate!

All in all a very dangerous precedent to set!!

[nevergiveup]

The su moto deal charged only tax. There was no NI, Interest or Penalties. That would over half my liability and make it much more likely I and hundreds of others could pay. In any case the tax tribunals may well rule along those lines anyway. Infact the tax tribunals may even rule that s58 does not apply anyway. Faced with such an outcome and the massive pressue created by NTRT I see every possibility and deal will surface.

IIRC the Suo Moto deal was better than that. It was a % of the tax owed based on the amount deemed to be owed.

[nevergiveup]

IIRC the Suo Moto deal was better than that. It was a % of the tax owed based on the amount deemed to be owed.

Anyway it's irrelevant as HMRC don't do deals!

[BrilloPad]

IIRC the Suo Moto deal was better than that. It was a % of the tax owed based on the amount deemed to be owed.

I have seem the paperwork and I am sure it was tax rate percentages in various bands up to certain money levels.