HMRC cracks £200m personal tax scheme

ITEPA

I had heard about this arrangement, and it was particularly abhorrent. Interestingly, the "shut down" does not appear to have retrospective effect. Does anyone have any idea as to why this might be?

Posted by: Nigel Davies, 13 Jan 2009 | 00:00

Retrospection-why not?

Highly contrived?Surely it would fail a commercial substance test? It would therefore fail at inception?

Unless of course it was the legislation that caused it.

Perhaps a GAAR is required, rather than continuous legislation?

Some links with more information would be useful

Posted by: Anon, 13 Jan 2009 | 00:00

UNcovered??

Arn't the Revenue told about all these schemes nowadys, for them to be taken.

That's hardly uncovering the scheme.

Posted by: Creg, 15 Jan 2009 | 00:00

UNcovered

Apparently some promoters don't tell, and take the penalty on the chin as a "cost of doing business". At least, that's what we are told. It doesn't sound as though this scheme was not disclosable!

Here's the link to the Technical Note:

http://www.hmrc.gov.uk/news/pta-technote.htm

Posted by: Andy Wells, 20 Jan 2009 | 00:00

Retrospective tax

it is interesting to see HMRC close down a scheme within "days".

I wonder why they did not use the same technique to deal with the double taxation treaty loophole which they let run for at least 7 years before using the nuclear option of retrospective legislation in the 2008 FA to close off what appears to have e been a legitimate loophole

Posted by: Seadog, 20 Jan 2009 | 00:00

Much worse to come...

With a spendthrift government; an increasingly bloated public sector; clueless mandarins who now control huge swathes of the FS sector; and a declining economy, it is evident HMRC will accelerate their attack on tax payers whether corporate or personal. Watch for the brain- and capital-drains....

Posted by: SLQ, 06 Feb 2009 | 00:00

LEGALLY CHANGING THE WAY TAXATION IS PAID

It is a simple manoeuver to have all employers and all employees, legally registered offshore and paid offshore avoiding all Taxation and NIC.

I suggest you then start an alternative system of Taxation based on the County structure

using the Parish and Town Council's to that Taxation was paid.

As the law stands, it would be illegal for Local to be part of any attempt to change the system as administered by Westminster. But there is no reason for the Taxpayers to comply with the demands of HMRC.

To begin with, all employers would become a Holding Company or an employee of an Off-Shore Agent who would be responsible for the Hiring and Firing of all staff. Also, the Agent would be responsible for the Payment of all staff. Bank accounts can be opened within the same Bank as the Agent and the one address can be used.

I have spoken to a Bank that is prepared to fund this. And last April, before approaching the South Norfolk District Council and suggesting that Norfolk should do this and start the ball rolling, I checked to make sure the support was still available. It is. So you see, at least South Norfolk is aware that this Government and the wayward Banking Industry, have now created enough of a mess that will take, or could take ten years or more to fix.

In the meantime, we need another system to carry out the day to day business and commerce while the politicians pontificate over what to do.

Regards, ATFlynn,

www.atflynn.co.uk

Posted by: ATFlynn, 03 Mar 2009 | 00:00