My thanks to the good people of NoToRetroTax for their amusing video.
NoToRetroTax are campaigning against the retrospective tax legislation introduced in Section 58 of the UK Finance Act 2008.
"Section 58 targeted a legal and transparent tax planning scheme involving double taxation treaties which HMRC had known about for years. It retrospectively amended an Act of Parliament from 1987, making it appear as though the scheme had never been lawful. As a result, some 3,000 individuals are facing bankruptcy as a result of retrospective tax demands going back many years.Tax does have to be taxing.
The No To Retro Tax campaign has been created by a group of victims of Section 58. Its members comprise professionals from a wide range of backgrounds including freelance IT engineers, property developers, and healthcare workers.
The campaign is lobbying for an amendment to Section 58(4) of the Finance Act 2008 to remove the retrospective elements of the legislation, bringing it in line with the Rees rules and HMRC protocol and meaning that retrospective tax liabilities would only accrue from the moment the intention was announced to close the affected scheme, and not for the period in which they were operating legally."
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