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

[jlg15333]

Impact Assesment

Hi all,

We want to do an impact assessment of scheme users. This will be a useful piece of evidence to have when meeting Treasury officials and further down the road, and it's also something the Chair of the Treasury Select committee wanted.

Would you feel comfortable responding to something like this if we put a form on the website?

Thanks
DR

I'm all in favour. I'd be happy to divulge such information as long as its anonymous on the public forum.

[jlg15333]

Article in Todays Guardian ...

Forget Bermuda, Britain's tax havens are much closer to home | Polly Toynbee | Comment is free | The Guardian...

Interesting article about inheritance tax avoidance. I wonder if when this gets amended it will be done retrospectively?

[Emigre]

What he said.

Is there value in adding a tick list of likely impacts? e.g.

a) Forced house sale
b) relocation of family (pretty much zero chance of renting a house within five miles of my kids' school)
c) sell internal organs
d) bankruptcy
e) loss of trade

Thanks for the ideas. The tech team are putting it all together. Also, there are different impacts for different people, over and above the absolute sum involved. As an example, I got divorced after claiming DTA relief but prior to s58. The amounts claimed under the relief became part of our joint marital assets and were thus distributed according to the terms of the settlement.

As a result, for some of the years I was involved, I will if HMRC get their way, be paying tax on reliefs that I do not have the benefit of. For three of the years I participated it moves my effective rate of tax to over 100%. These are the aspects that blanket retrospection cannot forsee. Can I retrospectively adjust my divorce settlement? Er, I don't think so!

By way of example the numbers could look like this:

Suppose £100k relief was claimed. In order to get a clean break, assume the joint marital assets were split 1/3:2/3 in favour of the ex. Assume for the sake of argument that the tax/NI on the margin is 40%.

Claim by HMRC = £40k. Settlement to ex = £67k

£40k tax/NI on £33k income = effective rate of 121%!!! Of course the residual income was spent on legal fees pushing the effective rate to infinity.

I do remember someone telling me that divorce is expensive but...

[SantaClaus]

I'm working on something right now with a few of the others, so a survey should be available shortly.

Be assured that names/personal details will be redacted from anything we release to the public domain.

Santa

[Taffia]

I'm working on something right now with a few of the others, so a survey should be available shortly.

Be assured that names/personal details will be redacted from anything we release to the public domain.

Santa

No probs, I'll chip in.

[slogger]

Donated at last

Finally donated, remortgage money come through, unbelievable how long it took, but first payment to ntrt.

Really good website, lots of useful info , really recommend others to join if they can, many thanks to the people who have worked on this.

[SantaClaus]

Finally donated, remortgage money come through, unbelievable how long it took, but first payment to ntrt.

Really good website, lots of useful info , really recommend others to join if they can, many thanks to the people who have worked on this.

Many thanks Slogger for your donation and to everyone else who keep us going.

[swede]

nice

BBC News - Former Rangers Football Club wins Big Tax Case appeal

[lucozade]

BBC News - Former Rangers Football Club wins Big Tax Case appeal

Just how much are HMRC wasting of tax payers money on these cases?

[lucozade]

MP on BBC Newsnight Scotland

Did anybody else see the interview? I think it was Ian Davidson. He basically said that whilst the Rangers case was perfectly legal it was immoral.

So even when a Tax Tribunal says its legal these MPs still bang on the drum of moral high ground.

That's what we are up against !