City boys have been done before

City boys have been done before

TS is getting fed up with suggestions, aired in certain quarters, that the government’s crackdown on city bonus-type schemes announced in last week’s Budget was the first time the government had used Dawn Primarolo’s notorious ‘retrospective’ statement from 2004’s pre-Budget report.

The statement had said that the government would clamp down on any schemes retrospectively if new forms of abuse appeared. So it came to pass, and last week the government stamped out various options and securities used to avoid tax and national insurance bills.

TS, devoted as we are to the utmost standards of accuracy, would like to point out to all those who say this is the first use of those powers: read the National Insurance Bill. It contained provisions for crackdowns on national insurance abuse effective from 2 December 2004.

Published in October 2005, it predates the Budget by a good few months.

Access the bill here: http://www.hmrc.gov.uk/employers/nicbill05.htm

TS could be wrong, of course. Anyone care to dispute our version of events?

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource