BN66 - 30 second summary

[Howzat]

Can anyone give me a succinct summary re: BN66?

The stuff on Google is poor and you guys seem to know your stuff better than most.

Thanks…

[BrilloPad]

Originally Posted by Howzat

Can anyone give me a succinct summary re: BN66?

The stuff on Google is poor and you guys seem to know your stuff better than most.

Thanks…

Alot of contractors were using offshore payment schemes via different providers : montpelier, steed, pwg and others. It realied on poor drafting of 1987 double taxation legislation. The loophole was closed April 2008 : most of those schemes are now loan based.

But, BN66 (which became law as section 58) was applied RETROSPECTIVELY back to 1987. That is the current fight.

I was a member of the scheme : after it became loan based I moved to limited.

There is a secret steering committe co-ordinating the response.

Is that too brief/too long? Further questions?

BP

[The SMG]

Originally Posted by BrilloPad

Alot of contractors were using offshore payment schemes via different providers : montpelier, steed, pwg and others. It realied on poor drafting of 1987 double taxation legislation. The loophole was closed April 2008 : most of those schemes are now loan based.

But, BN66 (which became law as section 58) was applied RETROSPECTIVELY back to 1987. That is the current fight.

I was a member of the scheme : after it became loan based I moved to limited.

There is a secret steering committe co-ordinating the response.

Is that too brief/too long? Further questions?

BP

BrilloPad, do you know how much the average IT contractor is looking at in terms of a retrospective tax bill? I know bn66 is a highly contentious, it would be nice to know just how much it could bite financially.

G

[Howzat]

Originally Posted by BrilloPad

Alot of contractors were using offshore payment schemes via different providers : montpelier, steed, pwg and others. It realied on poor drafting of 1987 double taxation legislation. The loophole was closed April 2008 : most of those schemes are now loan based.

But, BN66 (which became law as section 58) was applied RETROSPECTIVELY back to 1987. That is the current fight.

I was a member of the scheme : after it became loan based I moved to limited.

There is a secret steering committe co-ordinating the response.

Is that too brief/too long? Further questions?

BP

Thanks BrilloPad, that's great. Do you know what the current state of affairs is? Is the legislation going to be retrospectively applied? The reason I ask is that there's a lady in work who operated via the offshore route and wasn't sure whether bn66 effected her or no.

Thanks again
H

[Pistachio]

Today I had a fag. Will retrospective legislation in the future allow people with lung cancer to sue me for very possibly smoking in their general area at some point?

What a ****ing joke.