Fair do's or unfair.

[EddieM]

Amazing really as the govt openly admit it will drive some to bankruptcy. How is that possibly in the public interest, as much as you may say, well serves em right, they were legal schemes! Akin to the govt saying sorry the NI rates you've been paying were too low, here's the back tax bill. Quite breathtaking really.

 

[EddieM]

oh and apparently if you own up to doing nothing wrong, you get 4 years to pay all back taxes, couldn't really make it up if you tried.

 

[gasbanni]

WTF?

I'm out of here, the site owner & all of his shill's have ruined it.

Don't let the door handle bang in to your ass, bye bye.

 

[motorbiking]

Did people really think they could have their pay, paid to a trust and then loaned to them without ever needing to be repaid and not call it income? While I would normally say morally they should only be able to go back as far as an individual can (i.e. 4 years typically), this scheme resulted in well paid individuals paying only a fraction of what they would have if they'd been in normal employment.

 

[HawkEye244]

Did people really think they could have their pay, paid to a trust and then loaned to them without ever needing to be repaid and not call it income? While I would normally say morally they should only be able to go back as far as an individual can (i.e. 4 years typically), this scheme resulted in well paid individuals paying only a fraction of what they would have if they'd been in normal employment.

If it was allowed within the rules at the time its the government's fault not the individual IMO

 

[Notch7]

If it was allowed within the rules at the time its the government's fault not the individual IMO

Yes that must be the logical conclusion.

 

[bernardgreen]

I wonder if this is what happened to a person I knew. The plan would have avoided him paying tax provided his son outlived him. The son died and the money reverted back as taxable income

 

[SirGalahad]

Well I know some contractors at the bank that did this. As far as I can recall the fee they paid for this service was about 7-9%. That's not the tax they paid.

George Osborne family business hasn't paid a penny in Corp taxes for 7 years.

So it all depends on what you consider as equitable.

 

[empip]

"... HMRC’s 10 reasons why you should not use contractor loan schemes ..."
https://www.itcontracting.com/contractor-loan-schemes/
"...Although some individuals used DR schemes purely to avoid paying tax, others were misled by scheme providers and marketers..."

Snake oil salespersons - "Never give a sucker an even break..."

https://www.gov.uk/guidance/contractor-tax-loan-schemes-can-cost-you-more

-0-

 

[SirGalahad]

Well the contractors were on £800-1k a day.

I know another who was in a scheme devised by a leading barrister which was under review in the courts, I wonder what happened with that.

 

[JohnD]

they were legal schemes!

Just to check, you are talking about the scheme that worked like this:

I do a day's work at a rate of £1,000

This is not paid to me as wages or salary, so I don't pay tax or NI.

Instead it is paid into the account of accompany in (say) Panama which is under my control.

The company in Panama makes an interest-free loan of £1,000 to me which I don't have to pay back.

Do I expect to get away with it? Am I an idiot? Is it anything but a tax evasion trick?

No, no and no.

If a schemester says to you "put your money in this magic bucket, then take it out and it will be tax free," and you believe him, you are a mug or a crook.

I look forward to seeing some of the bigger fish netted.

 

[durhamplumber]

Two things you can guarantee in life - death and taxes. Only the stupidest deliberately avoid paying their fair share. Boils my pi$$.

Really...I would say the properly stupid pay more tax than they can get away with

 

[Gerrydelasel]

They can have my tax willingly when they start spending it wisely and frugally. Which is to say, never.

 

[SirGalahad]

They can have my tax willingly when they start spending it wisely and frugally. Which is to say, never.

I agree say no to HS2, Trident and Hinckley C - there's £250bn saved.

 

[SirGalahad]

Does this mean that the Government can go back and end all the expensive PFI contracts that made their mates millions?

If we want to do things retrospectively I am sure that would save billions.