Quote Originally Posted by FTTM View Post
I have filed out the return to get an accurate figure but have not yet submitted it officially.

My take is there is little chance the loan charge is going to be revoked before the payment date. I assume people will have to pay and then if there are any changes due to the review a reclaim process will need to be followed.

To be clear this will wipe out all our savings, the amount I now have to pay being 100% more than the original tax due as i made the mistake of working hard and i now have the privilege of paying a 60% marginal tax rate on the first 25K due to the removal of tax free allowance over 100K and the rest of it will be taxed at 45%.

All pretty punitive stuff that leaves a very bitter taste in the mouth, made all the worse by the double standards of when HMRC decide something is aggressive tax avoidance vs tax avoidance that theyre completely fine with when conducted by the ultra high net worth individuals and multi national companies.

Take for example all the billions in stamp duty that was avoided on London property by purchasing via an offshore company. I notice that this blatant loophole / avoidance measure was fixed by the introduction of new rules prospectively and HMRC didn't deem it necessary to fire up the rule changing time machine to collect the billions that have been avoided in this manner over the last 20 years.

The problem with EBTs as far as i can see is that middle class people used them and HMRC/ Govt have made it clear that they will not tolerate middle class tax avoidance.

Cant have everyday people lowering their tax bill by working the system.

Sorry for the rant , just needed to vent!
"Steal a little and they put you in jail. Steal a lot and they make you king"