CALL TO ACTION: Loan Charge debate on Thursday the 11th

[NeedTheSunshine]

At the moment his plan is to stop the Loan Charge. Which I think is bad - he will earn much more if it goes ahead.

Sadly he has a conscience.

Part of the territory is that people who should be upset at HMRC are upset at Phil (not forgetting Graham who has taken much flack too). I wonder what would have happened if Phil and Graham had never got involved?

Why is it sad that he has a conscience?

If the Loan Charge goes ahead unchallenged, it sets precedent for further retrospection. One does have a right to taxpayer certainty. Contractors are low hanging fruit and easy targets. So step 1, loan charge, step 2 is <another retrospective action against contractors, who knows what>.....

If the Loan Charge goes away there is still the underlying tax issue for all those with open years. That is a different fight and there is lots of money to be made there.

[BrilloPad]

Why is it sad that he has a conscience?

If the Loan Charge goes ahead unchallenged, it sets precedent for further retrospection. One does have a right to taxpayer certainty. Contractors are low hanging fruit and easy targets. So step 1, loan charge, step 2 is <another retrospective action against contractors, who knows what>.....

If the Loan Charge goes away there is still the underlying tax issue for all those with open years. That is a different fight and there is lots of money to be made there.

It is sad because he gets very upset when people who are suicidal phone him up. And because he would earn much more money without it.

The precedent for retrospection was set on 12th March 2008. After that all taxpayers were stuffed.

[NeedTheSunshine]

So why don't you tell me what happened 12th March 2008. And why you think there is no relevance to the LC.

I'm fully aware of BN66 and was at the time. I still could never have foreseen the Loan Charge.

[BrilloPad]

I'm fully aware of BN66 and was at the time. I still could never have foreseen the Loan Charge.

Gosh. Well I foresaw it. And begged those who went DTA to Loans not to do it. Several took the attitude of needing to do Loans to pay off the DTA tax!

Once retrospection was out, it was only going to go one way.

Its very sad that this is all too predictable.

What should have happened is that when HMRC were first aware of schemes they should have closed them down prospectively. They did with a few schemes. DTA they waited 7 years. Loan schemes they waited 16 years.

[webberg]

(not forgetting Graham who has taken much flack too). I wonder what would have happened if Phil and Graham had never got involved?

I've been mentioned so I'll respond.

I'm not here to cast stones and as is very trodden history, I was a designer of tax "products" for a long time.

I moved into the contractor space perhaps 5 years ago and big time around 4 years ago. I can understand why people who have been burnt are suspicious of my motives and why they sometimes like to question what I do and why.

That's quite healthy I think.

As to what may have happened in an alternative universe? Who knows.

[sst2019]

I have been encouraging Phil to drop his fight against HMRC and to leave LCAG. He would make a lot more money negotiating TTP deals for victims. Sadly he seems determined to fight HMRC and become poor. Maybe it is all the phone calls he receives from people who are suicidal? Maybe it is the personal attacks he has received from HMRC? Maybe he dislikes an organization castigated by MI5 for being happy to fund Al Qaeda as long as they get their tax break?

I hope Phil will see sense soon.

In reference to this?

If HMRC failed to share data on terrorists, we must find out why | News | The Sunday Times

[BrilloPad]

In reference to this?

If HMRC failed to share data on terrorists, we must find out why | News | The Sunday Times

Indeed.....

[Invisiblehand]

Maybe it is the personal attacks he has received from HMRC?

He's giving as good as he's getting, to the detriment of the cause IMO.

[BrilloPad]

He's giving as good as he's getting, to the detriment of the cause IMO.

And you are entitled to your opinion. However it seems LCAG do not agree with you.

I have told Phil I disagree with his attitude towards HMRC. He is way to nice. But there we are - hes a soft touch.

[dammit chloe]

And you are entitled to your opinion. However it seems LCAG do not agree with you.

I have told Phil I disagree with his attitude towards HMRC. He is way to nice. But there we are - hes a soft touch.

LCAG do not control Phil and Phil does not control LCAG. LCAG have no say in what he decides he wants to pursue. He has been an advisor to LCAG, and a very good one when no one else cared, and still does but not as much.

If you think they are joined at the hip you are very much wrong.

Meanwhile, LCAG are and the APPG are focussing on proper stuff.