Those affected by BN66

[MayContainNuts]

If some people are in danger of losing their homes doesn't that frame the conversation adequately?

A lot of people are just one pay cheque away from losing their homes!!!!!!

It would be interesting to know what the scale of the problem is that's facing those affected!!!!

[eek]

For those affected, have you got any figures for your personal liability that you can share?

For two hundred or so its bankruptcy. HMRC can claw back 7 years of money from the time they started pushing the point which for many people will be well over £250,000 (£30,000 in both lots of NI and Tax) x 7 years plus some interest.

And I think that £250,000 may be on the low side.

Which is why I will never joke about it.

[Slobbo]

No, I am just asking the question of how these guys came to believe that their UK earnings could ever become the benefits of an off shore trust fund?

Lets see. Off shore thrust. - Advice taken from a QC that the scheme worked, fully disclosed to the Revenue since 2001 - No indication that retrospection would be used. Seemed that my liabilities were more certain than if I had danced the IR35 dance. I had no certainty of my tax liability with IR35 at the time. The Offshore scheme seemed safer. Certainly wasn't up for giving up almost 60% of my income at the top end to the tax man when I wasn't getting paid holidays, a pension, sick pay or any other permy perks.

If I knew the revenue had a time machine back then, then I would not have gone for it. Was a risk based decision which at the time was easy to make.

Nobody deserves this. The hypocrites in power that voted for this subsequently complained that they should not have to pay back the expenses that they claimed as they were within the rules at the time. That is all we are asking for as well.

[Churchill]

A lot of people are just one pay cheque away from losing their homes!!!!!!

It would be interesting to know what the scale of the problem is that's facing those affected!!!!

What's interesting about what someone owes HMRC?

[eek]

Lets see. Off shore thrust. - Advice taken from a QC that the scheme worked, fully disclosed to the Revenue since 2001 - No indication that retrospection would be used. Seemed that my liabilities were more certain than if I had danced the IR35 dance. I had no certainty of my tax liability with IR35 at the time. The Offshore scheme seemed safer. Certainly wasn't up for giving up almost 60% of my income at the top end to the tax man when I wasn't getting paid holidays, a pension, sick pay or any other permy perks.

That bit +1000. I really do feel sorry for the people who went for this as there but for my total cynicism went many people plus the fact I just treated IR35 with the contempt it deserved.

[DonkeyRhubarb]

For those affected, have you got any figures for your personal liability that you can share?

Talking to Montpelier a while ago, I think the average is around £100k. The sting in the tail though is the interest, going back so many years. If you were in the scheme 2001/2, the accrued interest is now close to 60%.

I'm fortunate in having the means to pay but, according to one of my contacts at Montpelier, I'm in the minority.

If HMRC follow the normal enforcement procedures then many people will be petitioned with bankruptcy.
http://taxaid.org.uk/wp-content/uplo...t-Nov-2011.pdf

[d000hg]

For two hundred or so its bankruptcy. HMRC can claw back 7 years of money from the time they started pushing the point which for many people will be well over £250,000 (£30,000 in both lots of NI and Tax) x 7 years plus some interest.

And I think that £250,000 may be on the low side.

Which is why I will never joke about it.

Why does that imply bankruptcy... if I was earning a lot and paying no tax, a lot would be going into a savings account for my retirement.

[eek]

Why does that imply bankruptcy... if I was earning a lot and paying no tax, a lot would be going into a savings account for my retirement.

You would be the exception. If you are in a relationship its very hard to live on £20k a year while earning £80k.

[MayContainNuts]

Why does that imply bankruptcy... if I was earning a lot and paying no tax, a lot would be going into a savings account for my retirement.

WHS!!!

It's unfortunate, but if you'd gone 10 years with paying 3% tax when all around you were paying loads more it would take a very stupid individual to stick two fingers up & blow the lot!!!! Wouldn't it!!!!

[d000hg]

You would be the exception. If you are in a relationship its very hard to live on £20k a year while earning £80k.

Isn't that what contractors are all supposed to be doing anyway, even after tax you earn a lot and build this thing called a warchest?!