Ross Thompson's Loan Charge Suspension Petition

[Old Greg]

I agree with this part.

I didn't say retrospective taxation was immoral, more that it is evil. Retrospection should have no place. Where does it stop? Many people rightly believe they have done their due diligence with respect to IR35 over the years but with a government and HMRC ready to pursue individuals and limited companies with vigour could lead to many contractors with large historic tax bills due to incorrect IR35 statuses if companies suddenly decide to blanket assess everyone as inside IR35 post April 2020.

My argument is that once politicians and HMRC gets a taste of retrospection, then what? Now it's the loan charge, in future it could be IR35 or indeed something else.

So you're making a slippery slope argument. You've not made a case for why a retrospective tax is not acceptable in this particular narrow case. What I find telling is that nobody seem prepared to describe in detail the workings of the scheme they used, as context for their complaint against the Loan Charge. Let's face it, they tried to dodge taxes and now they're faced with a big bill which they don't want to (and in some cases can't) pay.

As for 'evil', some prospective taxes are 'evil'. That doesn't make all prospective taxes evil.

[NigelJK]

Scaremongering about possible retro tax on all 'outside IR35' is plain dim.
Those that have 'followed the rules' (HMRC rules that is) have nothing to fear as we were being as honest as we could, and collecting large amounts of Tax for HMRC at the same time.
If HMRC got beligerant then we will have to de-register from VAT and all VAT collected for HMRC will have to go back the the clients/end clients.

Genuine Q for those who had a scheme with Ltd co. Can you dissolve the co? HMRC will complain but at the end of the day if there is no prospect of retrieving the Tax they have to dissolve.

[Old Greg]

Scaremongering about possible retro tax on all 'outside IR35' is plain dim.
Those that have 'followed the rules' (HMRC rules that is) have nothing to fear as we were being as honest as we could, and collecting large amounts of Tax for HMRC at the same time.
If HMRC got beligerant then we will have to de-register from VAT and all VAT collected for HMRC will have to go back the the clients/end clients.

Genuine Q for those who had a scheme with Ltd co. Can you dissolve the co? HMRC will complain but at the end of the day if there is no prospect of retrieving the Tax they have to dissolve.

The dodgy contractors like to muddy the waters in two ways.

Firstly, by false equivalence between offshore loan schemes and structures established by parliament such as ISAs and pensions.

Secondly, by a slippery slope argument that Ltd Co. contractors will be next for retrospective taxation.

[darmstadt]

Contractors don't get paid in cash or with a cheque anymore? How standards have fallen. I remember doing a contract for the DHSS and each week I would stick a timesheet in and a few days later a cheque would arrive in the post which would be duly cashed. Those were the days when all contractors performed tax avoidance to the best of their ability :-)

[BR14]

@OP if you're looking for sympathy, try the Oxford English Dictionary.
you'll find it somewhere between sh1t and syphillis.

HTH.

[Old Greg]

@OP if you're looking for sympathy, try the Oxford English Dictionary.
you'll find it somewhere between sh1t and syphillis.

HTH.

And shortly after 'suck it up'.

[cojak]

Please sign and distribute the petition linked below related to the Loan Charge 2019. Your support would be greatly appreciated.

The 2019 Loan Charge which was introduced by the Finance (No. 2) Act 2017. The 2019 Loan Charge is effectively a back tax, and HMRC have demanded that all those affected must pay the charge in the 2019-2020 tax year despite these loans, being perfectly legal, were promoted by financial advisors, accountants and other financial specialists. The reality is that if the policy continues unamended, there will be many bankruptcies, at a significant cost to the taxpayer. Some individuals affected will be unable to work again, following a bankruptcy, and quite a number that we are aware of are already retired. The human impact, which is becoming increasingly apparent, will be serious. There is significant concern about the Loan Charge, its fairness and its impact on those affected. With such people now being pursued for tax in respect of these closed years, it is not only undeniably retrospective but also simply wrong. It undermines the basic principle of tax certainty that underpins the UK tax system.


Petition to suspend the Loan Charge | Ross Thomson

You posted this in General.

In General.

In General.

No poster is going to be banned for forthright opinions here.

[Old Greg]

You posted this in General.

In General.

In General.

No poster is going to be banned for forthright opinions here.

Is that a challenge?

[NotAllThere]

Is that a challenge?

For the regulars here? I doubt it.

[stonehenge]

Sure. That is the intent of Parliament and honest contractors will comply.

What was the intent of Parliament, in 2000, when they enacted the anti-avoidance legislation IR35? Has the intent changed?

Or was it that the original IR35 didn't achieve what was intended and that it was too easy to avoid?