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

[SantaClaus]

Im not turning on anyone until we get a brown envelope. I will then be asking MP what their stance is, if they tell me to get lost, OR dont come back with a credible plan that fits inside the 90 days then I will be contacting the FOS in the Isle of Man. If I get no joy from them then I will be speaking to the FSCS to seek government sponsored compensation.

Hey, cant be anything more galling to gauke and co. to find out the government are actually giving me the money to pay the HMRC APN under the financial compensation scheme!!

But as has been said already, we dont have a bill yet so cant do anymore than research options. Each to their own but my loyalty to MP does not stretch to 6 figures!

Hi Smalldog,

I contacted the IOM Financial Ombudsman this morning.
You have to notify them of a scheme within 6 years, which sadly has elapsed.

Also, if the law is changed, i.e. section 58, you have a further 2 years to pursue compensation.

No doubt, for some schemes, they are within the time limits and hopefully this will cause a major headache for the govt. when they have to pay out compensation.

[DonkeyRhubarb]

But that compensation would depend on you showing the FSCS that you joined the scheme based on mis-selling by an FSCS regulated company....

Sadly while I think you were mis-sold the scheme I don't think you were mis-sold the scheme by an FSCS regulated company.

I think the scheme would be covered by the Ombudsman in the Isle of Man.

The Financial Services Ombudsman Scheme for the Isle of Man - an explanatory guide - Isle of Man Government Office of Fair Trading

However, it's probably too late to make a complaint due to the time limits.

[BrilloPad]

Everybody affected is stressed about this but I'd rather deal with hard certainty than wishful thinking.

That is not going to happen. The only thing you can be sure of is that we are stuffed. Sword of Damacles hanging over us. Just watching the candle burn down.

[LisaContractorUmbrella]

This just through http://www.hmrc.gov.uk/specialist/ac...-f-notices.pdf

[OnYourBikeGB]

This just through http://www.hmrc.gov.uk/specialist/ac...-f-notices.pdf

People concerned about CTDs should see section 2.4.12, which will come as a relief:

If a taxpayer has purchased a Certificate of Tax Deposit, they can redeem it against the accelerated payment in the normal way. Taxpayers in that position should contact HMRC as soon as possible to ensure that the amounts are allocated in the correct way.

[jamesbrown]

People concerned about CTDs should see section 2.4.12, which will come as a relief:

If a taxpayer has purchased a Certificate of Tax Deposit, they can redeem it against the accelerated payment in the normal way. Taxpayers in that position should contact HMRC as soon as possible to ensure that the amounts are allocated in the correct way.

Also worth noting 2.2.11, as I believe there was some discussion earlier about missing DOTAS numbers:

"It is not open to a taxpayer to object to an APN simply on the grounds that they have not been given the SRN by the person who was required to do so by the DOTAS legislation. The legislation simply requires that the taxpayer’s return has been made on the basis of a tax advantage arising from arrangements that have been given a DOTAS SRN."

[lucozade]

This just through http://www.hmrc.gov.uk/specialist/ac...-f-notices.pdf

Can't see anywhere where it states what Lin Holmer said about FTT and APNs

[smalldog]

Can't see anywhere where it states what Lin Holmer said about FTT and APNs

OF course it isnt, she just made it up on the spot!

[the great escape]

I think the scheme would be covered by the Ombudsman in the Isle of Man.

The Financial Services Ombudsman Scheme for the Isle of Man - an explanatory guide - Isle of Man Government Office of Fair Trading

However, it's probably too late to make a complaint due to the time limits.

Until the legislation was introduced and the first bills arrived through the post, you had no need to seek compensation. The govt hadn't proven anything. Only their desire to investigate. It's only after the miracle of 'wholly exceptional' retrospection did the planning give rise to a liability, which to be honest still has not been tested at the tribunal. Here I think is a huge stumbling block for the govt. and it's retrospective action. I wonder if this point has really been thought through.

[lucozade]

OF course it isnt, she just made it up on the spot!

So is it worthwhile making a complaint about her inaccurate response to questioning at the Treasury Select Committee?