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

[BrilloPad]

As we stand today does anyone have any idea on the timescales we can expect to be dragged to court in and given to settle?

I reckon no-one has any idea. Back in 2008 I said 2012. At the time that looked way too long. Personally I am now going for 2015. But that is probably total bollux too.

The idea of a CTD is to stop interest accruing. What do YOU think the chances are you will have to pay up?

[SantaClaus]

Grammatical mistake in letter to MPs

Hi all

There appears to be a grammatical mistake in the latest letter to send to MPs.

I'm assuming most people read it before sending it , but just in case, this is the offending paragraph:

"All of these statements are untrue and I am containing a briefing note which has been put together by the No to Retro Tax campaign in response to some of the statements that Mr Gauke has made to MPs. I would be grateful if you felt able to pass this on to Mr Gauke and ask for his response to the salient points raised by the campaign."

...which should obviously say "attaching" or "enclosing".

Don't fret if the letter has already been sent (not that HMRC can spell anyway), but worth changing if you haven't sent it.

Cheers

Santa

[lucozade]

Hi all

There appears to be a grammatical mistake in the latest letter to send to MPs.

I'm assuming most people read it before sending it , but just in case, this is the offending paragraph:

"All of these statements are untrue and I am containing a briefing note which has been put together by the No to Retro Tax campaign in response to some of the statements that Mr Gauke has made to MPs. I would be grateful if you felt able to pass this on to Mr Gauke and ask for his response to the salient points raised by the campaign."

...which should obviously say "attaching" or "enclosing".

Don't fret if the letter has already been sent (not that HMRC can spell anyway), but worth changing if you haven't sent it.

Cheers

Santa

Seen that one cheers. Also there is a reference to HMC instead of HMRC.

[SantaClaus]

Seen that one cheers. Also there is a reference to HMC instead of HMRC.

All sorts of names are going through my head for that one. Her Majesty's [blank]

[the great escape]

torpedo 3 - fire!

Got my letter off today, syntax(s) aside. The 3rd in the Triology, although assume we will be asked to bear pens a 4th time, even a 5th.

We can only hope that we will eventually get a non-parroted response from Mr Afriyie. Well done NTRT.

[Richard Splash]

I reckon no-one has any idea. Back in 2008 I said 2012. At the time that looked way too long. Personally I am now going for 2015. But that is probably total bollux too.

The idea of a CTD is to stop interest accruing. What do YOU think the chances are you will have to pay up?

Brillo, or should I say Mr. Pad I may be completely wrong here but isn't there a shelf life to CTD's. I believe I read somewhere that they will only stop the interest accruing for 6 years... Is anyone else aware of this or am I out of my senile mind?

[bananarepublic]

Brillo, or should I say Mr. Pad I may be completely wrong here but isn't there a shelf life to CTD's. I believe I read somewhere that they will only stop the interest accruing for 6 years... Is anyone else aware of this or am I out of my senile mind?

CTDs are interest bearing. There are different rates depending on whether you encash them for tax or not. They will only accrue interest for a maximum of six years or the length of time between when you bought them and when the tax liability becomes due.

For us the due date for tax is when the tax originally became due, ie between 2001 and 2008 assuming we lose.

The CTD will stop interest on the tax bill accruing from when you bought them (or when the liability becomes due - if later). This aspect is not time limited.

Therefore the 6 year rule is only an issue if we win as you could have got a better return elsewhere.

PS google on certificate of tax deposit and read the blurb. The HMRC site explains precisely how they work.

[Leyther70]

I reckon no-one has any idea. Back in 2008 I said 2012. At the time that looked way too long. Personally I am now going for 2015. But that is probably total bollux too.

The idea of a CTD is to stop interest accruing. What do YOU think the chances are you will have to pay up?

One benefit of not having a CTD is that if you can get a rate aroundthe current 3% interest that HMRC are charging then you can benefit from compound interest, hence the longer this goes on the more the benefit from having your money outside a CTD. Abbey currently have a 12m term offer of 3.6%, obviously there are some tax implications to that but again over time it may still be better and of course you have the added benefit of 'them' not having it! The downside of course is that you've locked it up for 12m, hence my question of when this will all come to a conclusion.

BTW this is my understanding of things, could be total bollox, feel free to point out if I have got this wrong.

As for my feelings of whether we will have to pay, Im afraid Im a bit of a pessimist and from the spoutings of Gauke, etc then they do seem hellbent on having their pound of flesh but the guys from NTRT are doing a splendid job so that does give me hope.

[nolongerlurker]

Paid up & wrote up ..............

Letter off to MP along with attachment (typo's included ) - lets see what we get back - so far he's obviously been tinking about it, and not just 'Gauke speak'.

Further deposit made to the cause - well done NTRT team

Viva the revolution!!

[reckless]

One benefit of not having a CTD is that if you can get a rate aroundthe current 3% interest that HMRC are charging then you can benefit from compound interest, hence the longer this goes on the more the benefit from having your money outside a CTD. Abbey currently have a 12m term offer of 3.6%, obviously there are some tax implications to that but again over time it may still be better and of course you have the added benefit of 'them' not having it! The downside of course is that you've locked it up for 12m, hence my question of when this will all come to a conclusion.

If you want a bit more flexibility, ING Direct are currently paying 3.2%. The benefit there is that you can withdraw money on demand without loss of interest, thus allowing you to immediately splash out on a crate of champage when that glorious day finally arrives and Hector is vanquished!