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

[travellingknob]

Not a chance. Way too many people will be made bankrupt. This is fight to the death - winner takes all.

fighting talk, i think it will depend on what (if anything) was on the table.

[BrilloPad]

fighting talk, i think it will depend on what (if anything) was on the table.

Not fighting talk. No other choice talk. Though I suppose if one has no way out one turns into an animal and anything goes.

Its irrelevant as there will be nothing on the table.

[Fireship]

fighting talk, i think it will depend on what (if anything) was on the table.

If bankruptcy is your only option then it doesn’t matter what deal (if any) is on the table, for those individuals the only way to avoid financial ruin is to remove the retrospective aspect of this legislation and be judged by the law as it stood at the time!! And that’s the whole point, why should HMRC be allowed to reinvent history and then cut whatever deal they feel like making (again, if any), anything less than the removal of the retrospective legislation would be grossly unfair and set a very dangerous precedent that you can bet would be utilised by HMRC in the future!

[travellingknob]

If bankruptcy is your only option then it doesn’t matter what deal (if any) is on the table, for those individuals the only way to avoid financial ruin is to remove the retrospective aspect of this legislation and be judged by the law as it stood at the time!! And that’s the whole point, why should HMRC be allowed to reinvent history and then cut whatever deal they feel like making (again, if any), anything less than the removal of the retrospective legislation would be grossly unfair and set a very dangerous precedent that you can bet would be utilised by HMRC in the future!

How do you know bankruptcy is your only option ? You have no idea what deal might be put on the table.

[BrilloPad]

How do you know bankruptcy is your only option ? You have no idea what deal might be put on the table.

I know bankruptcy is my only option. The money is gone. Mortgage is for 120% of house worth. Its interest only. No savings. I am not going to go into details publicly - though DR and SC know all about it.

There are a few in the same boat as me.

But its irrelevant. There will be no deal.

So its a fight to the death for me. And I am not going down on my own. What a waste of a life that would be.

[smalldog]

I know bankruptcy is my only option. The money is gone. Mortgage is for 120% of house worth. Its interest only. No savings. I am not going to go into details publicly - though DR and SC know all about it.

There are a few in the same boat as me.

But its irrelevant. There will be no deal.

So its a fight to the death for me. And I am not going down on my own. What a waste of a life that would be.

Funny thing is in a way I wish I couldnt pay. I'd rather be bankrupted that have to hand over such a vast amount of cash to those tulips! Now let me think which is my favourite charity....

[reckless]

Funny thing is in a way I wish I couldnt pay. I'd rather be bankrupted that have to hand over such a vast amount of cash to those tulips! Now let me think which is my favourite charity....

I would suggest NTRT, provided it can achieve charitable status!

[TalkingCheese]

I would suggest NTRT, provided it can achieve charitable status!

Why does it need to be charitable

Once the money is spent it's spent. Admit, charitable would be nice for some tax relief

[Fireship]

How do you know bankruptcy is your only option ? You have no idea what deal might be put on the table.

I think it’s pretty obvious what options would be put on the table if anything!! The best you could hope for would be a reduction in interest and/or penalties whilst the tax itself remains due, and given HMRC’s current position that’s highly unlikely. If you can’t pay even if such a deal were to be tabled then the result is still the same, bankruptcy!

[smalldog]

where now?

Hi all, so all good stuff with the MP's etc, any idea where we go from here?? I assume there is work going on in the background, is the move now to press for a change to the upcoming finance bill by NTRT, that seems the most obvious next step and if so what are the incrementals to get to that stage?