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

[costo]

Yep - I don't think we can presume anything right now.

Was it me or did he seem to stumble his words when he talked about it - almost like he was nervous? also wasn't much applause either... maybe wishful thinking but got to have something.

[convict]

from https://www.gov.uk/government/speech...et-2014-speech

"We will now require those who have signed up to disclosed tax avoidance schemes to pay their taxes, like everyone else, up front.

This will apply in future to schemes covered by our General Anti-Abuse Rule too.

If people feel they’ve been wronged, they can of course go to court. If they win, they get their money back with interest.

We have already consulted on this idea – now we will implement it. The OBR confirm that this will bring forward £4 billion of tax receipts. And it will fundamentally reduce the incentive to engage in tax avoidance in the future."

[nick4notax]

from https://www.gov.uk/government/speech...et-2014-speech

"We will now require those who have signed up to disclosed tax avoidance schemes to pay their taxes, like everyone else, up front.

This will apply in future to schemes covered by our General Anti-Abuse Rule too.

If people feel they’ve been wronged, they can of course go to court. If they win, they get their money back with interest.

We have already consulted on this idea – now we will implement it. The OBR confirm that this will bring forward £4 billion of tax receipts. And it will fundamentally reduce the incentive to engage in tax avoidance in the future."

I wonder who we can sue if, having remortgaged to fund a later proven unfair payment demand, we are faced with costs/penalties to settle the debt using the refund-with-interest? Not to mention the compensation for distress endured

I wish that ECHR hearing would happen sooner than ever now....

[smalldog]

from https://www.gov.uk/government/speech...et-2014-speech

"We will now require those who have signed up to disclosed tax avoidance schemes to pay their taxes, like everyone else, up front.

This will apply in future to schemes covered by our General Anti-Abuse Rule too.

If people feel they’ve been wronged, they can of course go to court. If they win, they get their money back with interest.

We have already consulted on this idea – now we will implement it. The OBR confirm that this will bring forward £4 billion of tax receipts. And it will fundamentally reduce the incentive to engage in tax avoidance in the future."

and there is the clue its retrospective in nature:

[deckster]

From the full text of the budget https://www.gov.uk/government/upload...Accessible.pdf (my bold):

This new power will remove the cashflow advantage for the taxpayer of holding onto
the disputed tax during an avoidance dispute. It will also provide HMRC with additional tools to address a legacy stock of an estimated 65,000 avoidance cases

Certainly looks like they intend it to be fully retrospective. Frankly, looks like the game is up.

[Morlock]

from https://www.gov.uk/government/speech...et-2014-speech

"We will now require those who have signed up to disclosed tax avoidance schemes to pay their taxes, like everyone else, up front.

This will apply in future to schemes covered by our General Anti-Abuse Rule too.

If people feel they’ve been wronged, they can of course go to court. If they win, they get their money back with interest.

We have already consulted on this idea – now we will implement it. The OBR confirm that this will bring forward £4 billion of tax receipts. And it will fundamentally reduce the incentive to engage in tax avoidance in the future."

Am I missing something here? I thought the whole business of registering schemes as disclosable is relatively recent? I don't remember ever seeing a disclosure number on my tax return during the Montpelier years....?

[smalldog]

here is the full transcript from the budget:

Tackling tax avoidance
1.198 Most individuals and businesses throughout the UK pay the tax they owe upfront.
However, a persistent minority seek to avoid their responsibilities, preventing the tax system
66 ‘Survey of Personal Income Statistics’, table 2.4, HMRC, February 2014. These figures are based on the 2011-12
Survey of Personal Incomes using economic assumptions consistent with the OBR’s December 2013 Economic and
Fiscal Outlook.52 Budget 2014
from raising revenue fairly and imposing costs on all taxpayers. The government intends to
fundamentally reduce the incentives for avoidance to address this problem.
1.199 At Autumn Statement 2013, the government announced that it would, following
consultation, introduce a new requirement for taxpayers to pay disputed tax upfront where the
avoidance scheme being used has been defeated in another party’s litigation through the courts.
1.200 Tax avoidance scheme promoters must give HMRC information about schemes they
promote under the Disclosure of Tax Avoidance Scheme (DOTAS) rules. Anyone using such
a scheme must declare to HMRC they are using a notified tax avoidance scheme. Following
consultation, this Budget announces that the government intends to extend the new
requirement for taxpayers to pay upfront any disputed tax associated with schemes
covered by the DOTAS rules or counteracted under the General Anti Abuse Rule
(GAAR).
1.201 This new power will remove the cashflow advantage for the taxpayer of holding onto
the disputed tax during an avoidance dispute. It will also provide HMRC with additional tools
to address a legacy stock of an estimated 65,000 avoidance cases. The new power will only
apply to tax avoidance schemes that are disputed by HMRC. The legislation will make it clear
that HMRC will only be able to issue an accelerated payment notice where they have first sent
the taxpayer an enquiry notice or issued them with a notice of assessment. It is not a new tax
demand and does not make any changes to tax liabilities. If the taxpayer subsequently wins their
case in the courts, they will be reimbursed with interest

[DonkeyRhubarb]

Everyone needs to read this

https://www.gov.uk/government/upload...DOTAS_GAAR.pdf

[flamel]

About to repeat the papers.....

https://www.gov.uk/government/upload...lete_PRINT.pdf

[smalldog]

https://www.gov.uk/government/upload...DOTAS_GAAR.pdf

Just so im clear, this still needs to be debated as part of the finance bill doesnt it so can change?