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

[lucozade]

WHS! Never again. I've had a few new contractors come to me tell me about how they're joining various schemes, and I always advise them against it. They don't know about my position, but I've told them about S58 and EBTs. Most don't want to know, because what they're doing is 'entirely legal'. It's more tragedy waiting to happen. At the end of the day everyone has the right to pick their own path, I suppose. The funny thing is a lot of them don't believe that S58 is what it is, they don't believe that a British Government and HMRC would do something that would be considered outrageous in any other country.

I think that the MPs have a valid point. HMRC should be gunning after these companies.

But then again if its ok for big corporates to use legal planning loopholes then why not the little men.

[tendo71]

CTD

Hi guys.

With a certificate of tax deposit. Do you just get one and thats it - the interest stops running against your liability. Or do you have to specifically say you want to apply it to the liability?

[OnYourBikeGB]

I think that the MPs have a valid point. HMRC should be gunning after these companies.

But then again if its ok for big corporates to use legal planning loopholes then why not the little men.

Because they wine and dine large multinationals and let them get away with it, and destroy us, I suppose. That's justice and fairness British Government jackboot style. We, as UK citizens have an assumption that the law is applied equally, but it's not.

[MMSguru]

CTD

Or do you have to specifically say you want to apply it to the liability?

I was going to ask this question myself. The HMRC website states "You can make a tax deposit to be held against a tax liability that is under investigation by HMRC." I've left several voicemails on the CTD hotline but never had a call back.

[nevergiveup]

I was going to ask this question myself. The HMRC website states "You can make a tax deposit to be held against a tax liability that is under investigation by HMRC." I've left several voicemails on the CTD hotline but never had a call back.

IMHO It's a bit late now. If this was going to rumble on for many more years then it would be worth doing, but not now as I think this will conclude within the next 12 months.

[swede]

IMHO It's a bit late now. If this was going to rumble on for many more years then it would be worth doing, but not now as I think this will conclude within the next 12 months.

The thing is, that's what I thought 5 years ago which is probably what stopped me getting one back then! (That and not having the money).

[DonkeyRhubarb]

Hi guys.

With a certificate of tax deposit. Do you just get one and thats it - the interest stops running against your liability. Or do you have to specifically say you want to apply it to the liability?

A CTD is not specific to any liability. It can be used to pay off any tax bill.

I agree with the previous comment that it's probably not worth taking one out now.

[nevergiveup]

Montp

Don't suppose anyone has spoken/heard from Montp lately, or heard when the FTT will happen? Be nice if they kept us up to date in these trying times. Not having a go at them but it would be nice to have an update now and then....

[lucozade]

Don't suppose anyone has spoken/heard from Montp lately, or heard when the FTT will happen? Be nice if they kept us up to date in these trying times. Not having a go at them but it would be nice to have an update now and then....

lol who's the comedian in the room?

[DonkeyRhubarb]

Hi Donkey,

With regards to the EBT investigations - do you think its worth getting one now?

It's worth considering because this will likely drag on for years.

The other alternative is to invest the money. Beating HMRC's interest rate (currently 3%), with lowish risk, shouldn't be that hard.