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

[smalldog]

Thanks to everyone at ntrt great newsletter for what's been an emotional roller coaster of a week!

Good weekend all!

[SantaClaus]

Latest newsletter + transcript

Latest newsletter + transcript of yesterday uploaded to the members page on the NTRT website, just in case anybody missed the email.

Member’s Newsletters | No To Retrospective Taxation

[lucozade]

A big thanks once again to everyone involved in the fight.

Great newsletter as expected.

Keep all our chins up guys and girls we have a long way to go.

NO SURRENDER!

[OnYourBikeGB]

It would have been nice to have had this finished this week, but as DR says, it was never going to happen, unfortunately. This whole experience has been a real eye-opener on how the machine works, and it isn't great, is it? What Gauke & co can take away from it is that we are still here, we are getting stronger, we are getting louder and we political support for us is growing. So on we go. Thanks as always to NTRT, you're doing a great job and it is very much appreciated.

[BrilloPad]

I hope those thinking of throwing in the towel will spare a thought for those of us who have no choice but to fight all the way.

[SantaClaus]

Paypal problems - rectified now (I hope!)

Hi all

We've been experiencing some Paypal problems due to a change of email address and this has resulted in a few payments not being accepted.

I think I have solved the problem now, so if anyone tried to donate/join in the last few weeks (but gave up!), please try again and let me know if there are still problems.

Thanks and regards

Santa

[Rhydd]

The rise and rise of greedy government

Article in "The Telegraph"

The rise and rise of greedy government - Telegraph

[Ganimos]

The future......

Article in "The Telegraph"

The rise and rise of greedy government - Telegraph

Anybody into Web Site design.....? No abuse please.....

[justabloke]

Stay the Course Folks!

Each time we reach a significant milestone in this process it's fair to say that the results haven't been favourable... The reality of this process is that there are no quick wins to be had - it's as simple as that

What I have observed now is that people of this forum appear to give up each time results are not in our favour. I think it's unrealistic to hold expectations of closure of Section 58 from events (like the finance bill) as these only form a part of the strategy. This is important to note folks. These events form a part of the strategy and are not the strategy.

FACT No.1: NTRT have a strategy and plan which has many concurrent threads of activity
FACT No.2: NTRT are delivering against the plan
FACT No.3: More people than ever are aware of our fight

Together we will prevail if we stay strong, resolute and stay the course.

[Buzby]

Gauke's response

I have been thinking about the debate last week and some of what Gauke said:

Section 58 was introduced in response to a highly aggressive tax avoidance scheme

Was the MTM scheme any more aggressive than any other scheme? I would have thought that most scheme follow a similar model, I know the MTM loan scheme was exactly the same.

the scheme purported to produce an effective tax rate of 3.5%. The way that the scheme was intended to work, however, was that the higher the income, the lower the effective rate. In at least one case, the alleged effective rate was around 0.1%.

the 3.5% and .1% rates depend on how much is put through the scheme. if you had a annual salary of around £60K your tax rate would be higher. does it mean it OK to use retrospective changes only if effective rate is below 4%?

I believe that Government should use retrospection only after very careful consideration, even where the change does no more than clarify law or put its meaning beyond doubt. However, we must reserve the right to use retrospection in wholly exceptional circumstances, in line with the protocol we have introduced.

was section 58 considered very carefully in 2008?
why was the IOM double taxation scheme 'wholly exceptional'?