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

[warlord]

Absolutely. Monthly donations and toolkits...Whether NTRT ends up with a positive outcome or not the support and comfort gained from knowing this farce has been challenged in a very structured way is much appreciated.

Well said. Just wish I could pay more. times are bloody hard for me (and many others), as just one example in 8 years I have had no rate increase, but hey I'm lucky to have a job right.

[lucozade]

The full Montpelier letter

Our Tax Company have advised us as follows:

We have been carefully tracking the current Finance Bill for the so called accelerated payment notices ("APN") provisions and now believe that the provisions will be wholly or substantially enacted in the Finance Bill 2014

In essence, when law an APN can be given by HMRC in respect of any scheme notified to HMRC under the Disclosure of Tax Avoidance Scheme regulations ("DOTAS") or the general anti abuse rules. We do not believe that the latter applies to you but the former might. We say "might" because the DOTAS regime has evolved since 2004 and many transactions of clients pre date or are outwith DOTAS. The circumstances of each client would need to be separately considered if and when an APN is issued.

The current proposed APN provisions state that HMRC must give 90 days notice of due payment when issuing an APN. So the first APN's are expected in late July or August. This is sufficient time for you to seek advice from ourselves and/or your other advisers on the legality of an APN and how to respond but you will of course need to be conscious of your own cash flow. There is regrettably no independent appeal against an APN which we believe is wrong. We also believe that over 30,000 APNs are to be issued so clearly it will take some time

In our opinion it is wrong that the APN regime is retrospective and we understand that there may well be a Judicial Review challenge to its legality once the Finance Act is enacted. many of you will also be aware that we are still challenging the retrospective provisions of Section 58 Finance Act 2008 in both the UK and the European court concerning offshore partnerships.

If you have any questions please let us know. We will of coarse keep you fully informed of developments."

[OneUnited]

So we will only have follower notices applied, not APN's? I joined in 2001..

Have you had your letter from MontP yet.

It's not much help but it does give their interpretation on it, they are at least still with us after a long absence!!!

Sorry Lucozade this post went up after yours

[nevergiveup]

Didn't someone say were getting a NTRT update today too?

[smalldog]

OK so the finance bill got Royal Assent yesterday, here we go!!!

Lords Hansard text for 17 July 2014 (pt 0002)

[OneUnited]

Could this be the current Governments IR35, a piece of legislation that almost from the outset is a complete and utter unworkable shambles

[OnYourBikeGB]

Could this be the current Governments IR35, a piece of legislation that almost from the outset is a complete and utter unworkable shambles

I'd bet on that - if I had any money left.

[DonkeyRhubarb]

deGraaf

Are there any deGraaf users out there who could shed some light on how the scheme actually operated?

If so, please PM me or send an email to:

info @ notoretrotax.org.uk

Many thanks
DR

[DonkeyRhubarb]

Ditto for Steed and Sanzar

Only need to hear from DTA scheme users affected by BN66 (not EBT).

[DonkeyRhubarb]

NTRT newsletter

Being sent out later today.