Forget PAYE, here is Pay Before You Die !!!

[tractor]

People suspected of trying to avoid inheritance tax could have to pay before they die under proposals being considered by ministers.

HM Revenue & Customs could demand "accelerated payment" where savers are using potentially illegal avoidance schemes.

Here

It won't be long before they are demanding tax in case you think of using an avoidance scheme.

I wonder if they'll let me have an accelerated pension before I retire in case I die before it's due? £75/week would come in handy now and then and I'm sure Psychocandy could use it.

[barrydidit]

I've just been reading this. It's amazing. Not sure how it would work in practice though. Thinking about a scenario where a couple have a £1m house put in trust but no other assets ->Accelerated payment notice issued->house sold to pay tax due->no longer an issue (ie house not in trust any longer)->tax refunded?

Or am i missing something here?

[vetran]

Easy way to solve this make the firms & their owners responsible for creating the tax avoidance plans initially liable for tax lost.

I'm pretty sure only rock solid tax avoidance schemes would remain.

A bit like employers who take on Self Employed people being liable for PAYE.

Maybe we can tax Starbucks & Vodafone pre emptively?

[Mich the Tester]

Easy way to solve this make the firms & their owners responsible for creating the tax avoidance plans initially liable for tax lost.

I'm pretty sure only rock solid tax avoidance schemes would remain.

A bit like employers who take on Self Employed people being liable for PAYE.

Maybe we can tax Starbucks & Vodafone pre emptively?

Naah, better to just make everybody and all their earnings and belongings the possession of an all powerful state that hands out stuff to people as determined by a committee of ideologically vetted wise men.

[tractor]

.....

Naah, better to just make everybody and all their earnings and belongings the possession of an all powerful state that hands out stuff to people as determined by a committee of ideologically vetted wise men.

AKA US Fed Tax. Pay x% of everything, no allowances, claim it back with your tax return.

The problem is and always has been when they introduce schemes, allowances and concessions, people structure their affairs to take advantage of them. If they stopped all the 'engineering' there would be far fewer implications. Instead they simplify tax by introducing RTI and that sort of tulip.

They = any government and an uncontrollable HMRC who are not accountable to anyone even select committees or the government or HoL and they have no duty of care to their customers.

[Mich the Tester]

Austria abolished inheritance tax in 2008 and as a result it has gone from being a wealthy, highly developed country with very little poverty and low unemployment to a destitute, hunger ridden hellhole of pestilence and famine where people scrape around at the frozen earth to find blades of grass to make gruel to fill the bellies of the downtrodden. Well it hasn't actually.

[KentPhilip]

Austria abolished inheritance tax in 2008 and as a result it has gone from being a wealthy, highly developed country with very little poverty and low unemployment to a destitute, hunger ridden hellhole of pestilence and famine where people scrape around at the frozen earth to find blades of grass to make gruel to fill the bellies of the downtrodden. Well it hasn't actually.

I thought that happened when you got there?

[lilelvis2000]

scribble, scribble - oh excuse me while I fill in the application to move to Canada.

time to get outta this over taxed tulip hole and leave it to the foreigners.

[Zero Liability]

scribble, scribble - oh excuse me while I fill in the application to move to Canada.

time to get outta this over taxed tulip hole and leave it to the foreigners.

NZ looks good to me.

[MicrosoftBob]

At this rate it will be Pay Before You Earn, they'll be taxing the babies of middle class non establishment parents based on their estimated life earnings