Originally Posted by
ccfc_is_my_life
Found.
You seem to act as if it's a massive conspiracy. It isn't. HMRC for example can retrospectively act.
Example; in IT there were numerous schemes where income went to off shore Trust who then "loaned" you the money; every year loans would be written off. It was ridiculously obvious the intent - I told one of those accountancy companies spinning it to **** right off. For one thing, should that Trust be taken over and loans demanded, you're financially ****ed. Equally, only way to prevent that is documentation up front proving loans would not be paid - which exposes the concept.
From the day those schemes were clamped down on, HMRC could act retrospectively - meaning you would get penalised for years where those schemes were deemed legal, which craps all over justice.
Equally, the system is so bloated, there's no definite law. It's all interpretation - accountants interpretation and HMRC's interpretation. There's no guarantee HMRC have things right, only way of finding out is testing in the courts.
What we really need is to streamline the tax system, simplify around a few understandable concepts.
So why haven't they fixed it?
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