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

[OnYourBikeGB]

Yet another example of Government hypocrisy.

BBC News - Pfizer cannot use UK as tax haven, Cable tells MPs

Apparently when you come to the UK to take advantage of the 'benign' tax regime, its perfectly fine. Then you just get the friendly offshore Government to deny that its about tax avoidance at all, its just one of those things that you save billions of dollars that should have gone into the US Treasury. You can even get the UK Government to give you a slap on the back, and maybe even a slap-up meal. WG has nothing on this crowd, he shouldn't be fighting them, he should be getting advice on how to do the really big deals. I wonder what Vince and co would have to say if the US were to slap on a few retrospective taxes of their own.

[LisaContractorUmbrella]

Not sure whether you guys will have seen this BBC News - Thousands face tax raid on accounts, says HMRC - rules surrounding HMRC's new powers to take tax debts directly from people's accounts - it seems that they won't be able to take it all

[SantaClaus]

Not sure whether you guys will have seen this BBC News - Thousands face tax raid on accounts, says HMRC - rules surrounding HMRC's new powers to take tax debts directly from people's accounts - it seems that they won't be able to take it all

They will be able to take it all, apart from £5k.

[flamel]

They will be able to take it all, apart from £5k.

What! - they can raid all your Bank accounts whether you actually owe them anything or not - but they'll leave you with £5K - phew, thats alright then.

[OnYourBikeGB]

They will be able to take it all, apart from £5k.

It might be time to switch to one of those offset mortgages that are just a big overdraft. I wonder how that would work under these proposals, because there'll never be a credit balance.

[growler]

Who actually would owe HMRC a decent amount of money, ignore 4 requests for payment and still leave more than 5k in a UK bank account?

Other than being completely unaware of this rule, surely their chances of swooping in and picking up a spare 50k are somewhere close to zero.

I think Invisible Touch was the group's undisputed masterpiece

[smalldog]

Who actually would owe HMRC a decent amount of money, ignore 4 requests for payment and still leave more than 5k in a UK bank account?

Other than being completely unaware of this rule, surely their chances of swooping in and picking up a spare 50k are somewhere close to zero.

I think Invisible Touch was the group's undisputed masterpiece

and why would HMRC have not taken proceedings against them through the courts????? They have the tools that they need to get the funds, so what isnt working?

[SantaClaus]

What! - they can raid all your Bank accounts whether you actually owe them anything or not - but they'll leave you with £5K - phew, thats alright then.

I'm actually going to see my MP about this tomorrow. Hope I'm not the only one!

Interesting though that this legislation will have the opposite effect to what is intended, i.e. drive money offshore and encourage tax evasion.

[Dylan]

Combined with the instant decline in DOTAS registered schemes (but not in the amount of schemes running) it really is genius.

[SantaClaus]

For anyone who is still dithering about whether or not so see their MP before the May elections...

Taxman to raid joint accounts | Mail Online