BUDGET - JULY 8th - wish list

[webberg]

Keep it clean and civilised please.

Short of a general amnesty and a tax holiday for a year - about as likely as Osbourne and Gauke presenting the next Strictly - what would you like to see.

I've recently posted that I want to see:

1. An obligation upon HMRC to intervene to prevent the sale of schemes that they consider are avoidance, matched with a cooling off period to allow people to recover costs.

2. An obligation upon HMRC to take positive action within 3 years of issuing an enquiry notice so as to prevent long periods of silence and inaction.

What's on your list?

[TheFaQQer]

What's on your list?

Captain Blackadder: Well, his resignation and suicide would seem the obvious suggestion.
General Melchett: Interesting thought. Make a note of it, Darling.

[holymoly23m]

My thoughts

Firstly agree with your points.

Mine are about clarity and fairness. (point 2 is obviously never going to happen)

1. A definition of when an HMRC "decision" becomes final and cannot be revisited (by either the taxpayer or HMRC)
- At the moment it isn't at the point of Self Assessment submission acceptance and payment in the tax year.

2. Implement a facility whereby the taxpayer can open inquiries under the same timescales as HMRC can on supposed closed decisions. eg: if the taxpayer believes a tax payment up to 4 years previous is incorrect they can submit a repayment request to HMRC, which HMRC can either pay back or appeal. (can we send them an APN?)

3. Interest on late payment can only be charged from the point of "final decision" to payment (related to point 1, if self assessment is final then thats ok). This is to stop HMRC current profitable delaying tactics.

[DotasScandal]

3. Interest on late payment can only be charged from the point of "final decision" to payment (related to point 1, if self assessment is final then thats ok). This is to stop HMRC current profitable delaying tactics.

Couldn't agree more with this one!
This invented "late payment interest charge" is truly scandalous, and worthy of a loan shark organization.

You hit the nail on the head by pointing out that it makes HMRC's dalaying / stalling tactics an extremely profitable business.

[unixman]

A rule to make pension costs entirely transparent, so that members get an invoice each year showing what they have been charged, to the penny. This would help fix our broken pensions industry and indirectly cool off the housing madness and BTL stampede.

Income tax and NICs to be unified. As promised in 2010.

Crackdown on shell companies and LLPs (often used as a cover for wrongdoing)

[BrilloPad]

An end to MPs doing everything HMRC tell them.

[jamesbrown]

I'm not sure about a wishlist, but I wouldn't be surprised to see contractors hit hard in this emergency budget, both w/r to expenses and, potentially, dividends for higher and additional rate tax payers. Further down the line, there's also the likelihood of the FLC in one form or another. Yay.

[webberg]

I going to predict the end of or at least a limitation on the relief available on loans used to buy property that is then let.

I read that this costs £8bn a year.

Seems very high but if it is correct then it is ripe for reducing.

[jamesbrown]

I going to predict the end of or at least a limitation on the relief available on loans used to buy property that is then let.

I read that this costs £8bn a year.

Seems very high but if it is correct then it is ripe for reducing.

Agreed. Also, in terms of the 12bn of benefit cuts, I'd anticipate a significant hit on housing benefit. Collectively, these could change the landscape for BTL quite significantly.

[centurian]

I going to predict the end of or at least a limitation on the relief available on loans used to buy property that is then let.

I read that this costs £8bn a year.

Seems very high but if it is correct then it is ripe for reducing.

Wouldn't rule it out either - although it seems quite tricky to implement.

BTL mortgage interest is no different from interest on any business finance, which is a perfectly allowable expense - and a fundamental element of business taxation. The I in EBITDA stands for Interest.

How do you differentiate between the two.

Probably easy for the single property landlord. But I predict a whole load of schemes where landlords don't technically have a BTL mortgage anymore - but several wrapper layers etc.