Finance (No.2) Bill - Have your say [URGENT]

[Stevep42]

Here's a standard example from one of my BAs who's just asked if we would take her on as a contractor.

• In a scheme for five years on the advice of her agency and accountant.
• Divorced - very messy, very expensive - family home sold. She rents.
• Owes 200+K.
• She's a permie on 45K.
• Settlement from HMRC would see her bankrupt so HMRC would not let her take the settlement.
• Loan charge would see her bankrupt.
• She has two kids.

Nice one HMRC.

The financial impact of this law has been so underestimated it’s ridiculous - the scariest thing is very few people know about it. I reckon 20 times more don’t know than do. I think there are thousands with a story as above - contract nurses, doctors in the NHS for example......

[Stevep42]

She's going to put in a submission - chances of it being read ?

If they don’t they ar going to feel terrible in the future and will regre not reading it - and for once they can’t retrospectively change something to suit themselves !

[Iliketax]

When I saw my MP he was stunned that HMRC was missing such an obvious opportunity to finish this off in a fair and even-handed way. But he's Labour - so can do **** all.

You do know that most of the amendments to the April 2019 loan charge reporting rules in the current Finance Bill are from Labour MPs wanting to increase the penalties?

[Iliketax]

Weird there is nothing submitted from ICAEW or CIOT.

They submitted a lot of stuff on the new close companies' gateway after the draft Finance Bill was published in September. This led to the government making changes to make it less wide ranging. But that part of disguised remuneration has nothing to do with most contractors. I don't know if they had anything extra to say on the additional reporting rules (beyond what they said in relation to the draft). If you were expecting stuff on the main part of the April 2019 loan charge, that has already been through Parliament.

[ConfusedEasily]

You do know that most of the amendments to the April 2019 loan charge reporting rules in the current Finance Bill are from Labour MPs wanting to increase the penalties?

Really? Oh, you do surprise me. Lord, there was me thinking my IQ was greater than 10 and that the magic Labour fairy would make it all ok. Maybe one day I'll be allowed to tie my own shoelaces.

I know my MP - I've been a member forever, but Labour is just going with the flow - Tax Avoiders are scum and nobody wants to be seen to be supporting them. My MP is not an idiot, just knows which battles are not worth fighting. Everyone loves an avoidance hating MP.

He's seeing my colleague (see above) next week - he can't do anything but it will add weight that HMRC's approach to this has an impact on real people. Quietly, in the background, Labour are gathering stories of hardship and will throw this at the government when real lives are impacted. My colleagues's not Jimmy Carr - she's just unlucky and this legislation will make sure her luck runs out once and for all.

Not that HMRC, HMG or any of the professional bodies really give a **** that a single mother will be made insolvent because she took advice from 'qualified' professionals. Hopefully her kids, wider family and friends will treat the tax system with the same disdain as she has experienced.

[Stevep42]

[QUOTE=ConfusedEasily;2517718]Really? Oh, you do surprise me. Lord, there was me thinking my IQ was greater than 10 and that the magic Labour fairy would make it all ok. Maybe one day I'll be allowed to tie my own shoelaces.

I know my MP - I've been a member forever, but Labour is just going with the flow - Tax Avoiders are scum and nobody wants to be seen to be supporting them. My MP is not an idiot, just knows which battles are not worth fighting. Everyone loves an avoidance hating MP.

He's seeing my colleague (see above) next week - he can't do anything but it will add weight that HMRC's approach to this has an impact on real people. Quietly, in the background, Labour are gathering stories of hardship and will throw this at the government when real lives are impacted. My colleagues's not Jimmy Carr - she's just unlucky and this legislation will make sure her luck runs out once and for all.

Not that HMRC, HMG or any of the professional bodies really give a **** that a single mother will be made insolvent because she took advice from 'qualified' professionals. Hopefully her kids, wider family and friends will treat the tax system with the same disdain as she has experienced.[

And she still wants to stay in the uk, struggle in the uk, and generate tax revenue every day she lives here as a uk resident ?? Time to Google for ideas......Starbucks coffee first......

[Stevep42]

You do know that most of the amendments to the April 2019 loan charge reporting rules in the current Finance Bill are from Labour MPs wanting to increase the penalties?

No I didn’t - but clearly if they want to charge more they have no concept of this whatsoever - good luck to them

[EBTContractor]

You do know that most of the amendments to the April 2019 loan charge reporting rules in the current Finance Bill are from Labour MPs wanting to increase the penalties?

Penalties for not doing what...?

[Iliketax]

Penalties for not doing what...?

For not reporting / not reporting properly - see amendments 34 to 37 https://publications.parliament.uk/p...m_pbc_0105.pdf

[EBTContractor]

For not reporting / not reporting properly - see amendments 34 to 37 https://publications.parliament.uk/p...m_pbc_0105.pdf

Ah yes of course....