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

[TheDandy]

Understandably there is a growing interest in declaring bankruptcy on this forum as things looks as though they are being brought to a head prematurely by accelerated payments. I have also done a little research as I have no assets to lose, live in rented accommodation and I'm employed nowadays.

It seems that there is a sting in the tail when it comes to going bankrupt owing HMRC. It seems that the debt is not written off and HMRC have the right to 100% of your disposable income for 3 years following declaration of bankruptcy. Their definition of disposable income is brutal. To give you an idea, they don't even allow gym membership. If they do this, I would end up paying most of what they think I owe. However it seems that if I were to offer this as a repayment scheme, they would not accept it ! So I can't see any benefit in bankruptcy and that it might be better to avoid it if possible due to the downside.

I do hope that I have misunderstood !

Could someone who is better informed than me, please tell us if I have got it wrong. I do hope I have !

I appreciate you may be spooked by this whole game of mischief but posts like these are not very helpful. If you don't know what the rules and processes are in bankruptcy then carry out some research and get some specialist advice. Perhaps your question should have been *where can I get specialist advice on bankruptcy"? Once you are declared bankrupt then your bankruptcy is handled by the Official Receiver, not HMRC.

[smalldog]

Since we now know we will have to pay this, can't you ask HMRC to issue you a demand?

That was 5 years ago before cn's so no. You assume I can't pay? I have smartly invested in the last few years so can pay actually. So don't assume, this is all historic in terms of my divorce. I'm sure some people that couldn't do what I did may explain there inability to pay. Since 2008 people could have been wiped out regardless of having a demand. Divorce, illness, job loss so stop being so damn self righteous! you don't know what people have been through since s58.

Personally I think you should go away (polite version!) you add nothing but fear for people who already know the reality of the situation.

Who on this forum has their head in the sand, lucozade talked about taking his life! Nobody is wishing anything away in my book. Please enlighten me with head in the sand posts?

[SantaClaus]

This forum seems to be for people who want to bury heads in the sand and pretend that this will all go away because they don't like it.

What this forum ought to be is a place where people can get up to date information on legal developments and get realistic advice on how the law stands NOW (not how it stood before the HMRC time machine).

As much as we do not like it, they did make our arrangements taxable using retrospective changes. The courts deemed this legal and upheld it.

The fact of the matter is, we are very likely to receive demands for this money shortly and people need to be prepared to pay it.

It is because of arm chair lawyers on this forum that I stayed in the arrangement for so long. All very very reassuring that it was perfectly legal and retrospective changes were unheard of.

If you want to tweet something or climb up a building dressed as batman, be my guest.

We all have individual circumstances. If it suits you, nobody is stopping you from paying the bill or forcing you to do anything.
I am choosing to continue the fight, because at this point I have nothing to lose. If the bill comes, I may declare bankruptcy, decide to never earn a penny again in my name. But that is my choice.

[helen7]

Sorry if I have always sounded negative. But thus far I have been right. We lost every judicial review, finance bill review and the conservatives didn't support us as expected.


MTM quite happily spent our money on yachts (fact - the crew that ran out scheme were notorious within montp for always being out on the yacht) and have absolved themselves of any liability. They have continued to fight in court, but that is so they may recover loan payments.

The fact is they lied in the sales pitch as they were greedy and couldn't believe the scheme would run so long. To them it was of little consequence since latter users weren't on a loan agreement and they were creaming 10-15% with ZERO financial or legal risk. THEY CONNED US. they knew this would never stand up in court and continued.

Source of info - a friends wife worked for them in 2006-2009.

[varunksingh]

As others have said get proper advise and route you are thinking off is very dangerous.

But in case you decide to go that route, go all guns blazing. Get as much loans as you can and celebrate in Las Vegas in mirage or something. Live life king size and record it.

You can only hang a person once however many murders he has committed!

[tax is taxing]

There is a financial bill to defeat

This forum seems to be for people who want to bury heads in the sand and pretend that this will all go away because they don't like it.

What this forum ought to be is a place where people can get up to date information on legal developments and get realistic advice on how the law stands NOW (not how it stood before the HMRC time machine).

As much as we do not like it, they did make our arrangements taxable using retrospective changes. The courts deemed this legal and upheld it.

The fact of the matter is, we are very likely to receive demands for this money shortly and people need to be prepared to pay it.

It is because of arm chair lawyers on this forum that I stayed in the arrangement for so long. All very very reassuring that it was perfectly legal and retrospective changes were unheard of.

If you want to tweet something or climb up a building dressed as batman, be my guest.

After reading all the above 1000s of posts (people trying hard at twitter accounts, FB propaganda, you tube videos, numerous letters to MPs, multiple face to face meetings with MPs etc) the best conclusion you can stumble up on is that of burying our heads in a sand, then I fear this may not be the right forum for you.

I haven't read any post where the writer is trying to be a super natural. However, we ain't woodpeckers with rubber beaks. Our skins are thick as a Buffalo and our horns are bigger than a Bison. Even we intend to, we can't bury our head.

HMRC may invent a bullet to put as down eventually but until then there is no reason to live a life of misery.

You may have been seduced by a tax barrister's opinion and stayed on a particular scheme. That doesn't mean that rest of us followed suite. Most of us are perfectly capable of analyzing the risk to make an informed decision. Hence do not under estimate our intelligence.

So if you can excuse us, there is a financial bill to defeat.

[eek]

So if you can excuse us, there is a financial bill to defeat.

Not quite there are clauses that you need removed whilst the bill is still in committee as otherwise it will be too late.

I only say this to emphasis the urgency of the issue.

[SantaClaus]

After reading all the above 1000s of posts (people trying hard at twitter accounts, FB propaganda, you tube videos, numerous letters to MPs, multiple face to face meetings with MPs etc) the best conclusion you can stumble up on is that of burying our heads in a sand, then I fear this may not be the right forum for you.

I haven't read any post where the writer is trying to be a super natural. However, we ain't woodpeckers with rubber beaks. Our skins are thick as a Buffalo and our horns are bigger than a Bison. Even we intend to, we can't bury our head.

HMRC may invent a bullet to put as down eventually but until then there is no reason to live a life of misery.

You may have been seduced by a tax barrister's opinion and stayed on a particular scheme. That doesn't mean that rest of us followed suite. Most of us are perfectly capable of analyzing the risk to make an informed decision. Hence do not under estimate our intelligence.

So if you can excuse us, there is a financial bill to defeat.

Well said that man!

[angry mode on]

And if anyone has not yet seen their MP in person.... can I ask....

Why on earth not?

[angry mode off]

Normal apathetic and negative mode may now resume...

[jlg15333]

Response from latest toolkit sent to MP

Not sure if this is a standard response or part of the procedure in these matters but I've received the following back from my MP:

Dear Mr. Bloggs,

I have heard from the Clerk to the Public Bill Committee that they would like to submit your email as evidence to the Committee after removing personal references. Officials would like to contact you direct for confirmation that you are happy with the amended text and for it to be submitted and published. Could you please, therefore, let me know that I may pass on your contact details to them.

Kind regards,
Your MP

I have emailed Whitehouse and in the interim have agreed to have my contact details passed to them. See what happens next ...

[SantaClaus]

Not sure if this is a standard response or part of the procedure in these matters but I've received the following back from my MP:

Dear Mr. Bloggs,

I have heard from the Clerk to the Public Bill Committee that they would like to submit your email as evidence to the Committee after removing personal references. Officials would like to contact you direct for confirmation that you are happy with the amended text and for it to be submitted and published. Could you please, therefore, let me know that I may pass on your contact details to them.

Kind regards,
Your MP

I have emailed Whitehouse and in the interim have agreed to have my contact details passed to them. See what happens next ...

I'll remind WH, just to check they got it.