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Okaaaay
As the ICAEW say, we await the details (and I'm still never going to be happy about the state using powers that would never be available to a private creditor) but this looks promising.
Postponed to after the Genral Election
The response paper says the legislation will be included in A Finance Bill in 2015, to be published in the next parliament, - that means after the General Election. Voters will have an opportunity to express thier views on this at the ballot box.
Political Manifestos
You wont find the proposed legalisation in any of the main parties manifestos, nor the minor parties manifestos (assuming they have manifestos).
A message to
Anne Fairpo. What part of being allowed to be a preferential creditor by taking money out of tax payers bank account does not undermine the rule of law. Oh yes you change the law to suite yourself. What will be really interesting is when the bank have a charge over the assets of a company and HMRC want to take money, especially if the company is going through a dodgy time.
Still unacceptable
You would still have to incur professional fees in connection with the appeal and suffer a lot of sleepless nights. Far easier to get your money out of UK banks and drip feed it back as needed.
Direct collection of tax
The HMRC state that they want to level the playing field ; what a joke ; they are a creditor, that's all , what other creditor on this playing field has the right to raid Debtors bank accounts?
The rule of law as it stands has a due process , they just need to get on with it. The HMRC make too many mistakes to let them loose on this, and any version , watered down or not is unacceptable.
Not good enough
HMRC have never answered the point that there is no reason to grant them any special powers of debt recovery. They should first go to the county court just as anyone else has to. It is not difficult!
Insolvency proceedings
There have been a couple of news stories in the last month or so about HMRC initiating insolvency proceedings in respect of disputed tax debts. I agree with others that allowing HMRC to dip taxpayer's bank accounts does not sit comfortably, whatever the safeguards and promises that accompany the legislation.
In our economy today, a person debt becomes unmanageable and bankruptcy seems inevitable, one last option is debt forgiveness. Lenders can forgive debt in some situations, if a borrower reaches the right agreement. Debt forgiveness is a good thing for many people, as it means less than the whole of a debt has been paid though the debt has been satisfied. However, it's regarded as taxable income and the mistake of a debt forgiveness tax break for foreclosures or short sales of homes is set to bite some taxpayers.
Not still very attractive as should be.
HMRC still make lot of mistakes in determing the correct amount of tax. It is hoped the review system is different from the inspectors to make it an independent review. Hope the county court have the power to intervene not just to defer the collection.
Were skint, thats it.
As as nation were skint and any measure to increase government coffers will be rolled out. Mind you HMRC are the last people to implement such rules.