Guest 675- Registered: 30 Jun 2008
- Posts: 1,610
#1
Is this just the tip of a very large iceberg?
http://www.bbc.co.uk/news/business-17181213Politics, it seems to me, for years, or all too long, has been concerned with right or left instead of right or wrong.
Richard Armour
howard mcsweeney1- Location: Dover
- Registered: 12 Mar 2008
- Posts: 62,352
#2
a bit puzzled on this one as it is about avoidance rather than evasion.
the government have now closed down the loophole but as no law has been broken then it is wrong to make the ruling retrospective.
Guest 710- Registered: 28 Feb 2011
- Posts: 6,950
#3
All praise to those who raise (tax revenue, that is)
Now on to seeing the 'carry' of venture capitalists as income rather than capital gain, as GO still spouts the worthiness of low CGT and backs his words with illusory current benefits.
Ignorance is bliss, bliss is happiness, I am happy...to draw your attention to the possible connectivity in the foregoing.
Guest 710- Registered: 28 Feb 2011
- Posts: 6,950
#4
"The bank that disclosed these schemes to HM Revenue & Customs (HMRC) has adopted the Banking Code of Practice on Taxation which contains a commitment not to engage in tax avoidance," he said.
"The government is clear that these are not transactions that a bank that has adopted the code should be undertaking.
"We do not take today's action lightly, but the potential tax loss from this scheme and the history of previous abuse in this area mean that this is a circumstance where the decision to change the law with full retrospective effect is justified."
Why it is, "has adopted" and not 'had' is indeed a puzzle Howard.
Ignorance is bliss, bliss is happiness, I am happy...to draw your attention to the possible connectivity in the foregoing.
Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
#5
There are certain rules applicable to banks specifically due to their particular status, hence avoidance and not evasion and clearly while not doing anything illegal they had breached the established CoC for banking. So in this case retrospective application is appropriate.
All financial institutions and advisers (that includes me) have a requirement to notify HMRC about tax avoidance (legal) schemes and this seems to have emerged from that process.
