This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. To find out more about cookies on this website and how to delete cookies, see our Cookie Policy.
Analytics

Tools which collect anonymous data to enable us to see how visitors use our site and how it performs. We use this to improve our products, services and user experience.

Essential

Tools that enable essential services and functionality, including identity verification, service continuity and site security.

Where Taxpayers and Advisers Meet

remit ed interest to uk ask inspector consider date

gwm121
Posts:11
Joined:Wed Aug 06, 2008 3:56 pm
remit ed interest to uk ask inspector consider date

Postby gwm121 » Fri Oct 31, 2008 2:55 pm

have source eased every couple of years going back many years and including 07/08,

PrIor to and around 6 April, I was getting conflicting advice ( june 2008 tax magazine ..position not 100% clear write again in a few months ) and different answers from revenue departments, the latest in Early October where a tax office said they were discussing it themselves and it was 99% certain to be amended to allow a final source ceasing for 07/08 asotherwise it was unfair, being a retrospective tax.

On the basis of all this advice, (sayng changes would be made) I waited till just past the year end and because of the change in law remitted the money to a uk building society to be completely visable to the tax people. (that is 14 days after 6 April)

Now in early October on rechecking to see if the changes have happened I have the answer from revenue (above) but from tax peridicals and internet helplines the reply seems now to be ... refer to hmrc tax legislation, all remittance after 6 april 08 invalidates source ceasing for every year before. Thats 1 yr, 2yr, 5yr, 10yr, 50 yr!!!!

QUESTION
If I write to an , inspector, saying ......not by mistake, but by all advice sought out to the best of my ability, a remittance was made 5 days after 6 April 08. May I have that considered as being remitted pror to 6 April.as it seems unfair that all taxplanning under previous legislation is not valid, due to a selection of date made on many opinions which now seem to be wrong and were certainly wrong at that date. please could they give me a ruling.. What might be the outcome?
QUESTION
What happens if records for interest and accounts are not available going back years and years.

JSK TAXATION
Posts:200
Joined:Wed Aug 06, 2008 2:18 pm

Re: remit ed interest to uk ask inspector consider date

Postby JSK TAXATION » Fri Oct 31, 2008 3:16 pm

GWM121

This is John King here.

As you know we discussed this issue at quite some length on Wednesday. The legislation is very clear and the fact that you remitted your offshore funds on the 9 April rather than the 5 April will not generate any sympathy with HMRC.

I urge you not to press ahead with the manner of your suggested approach; it is very unlikley to work and even worse could prejudice any position you may still be able to adopt to mitigate some of the potential tax cost.

I am willing to help you as you know, and I am pretty certain other advisers on this website will agree with my comments.

With kindest regards,
John S King
Chartered Tax Adviser
e: help@taxation-advice.com
w: http://www.taxation-advice.com
01732 897850


Return to “General”