Tax crackdown on rich announced by Danny Alexander

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Individuals with assets of more than £1m face a new crackdown on tax avoidance, Lib Dem Treasury Chief Secretary Danny Alexander has revealed.

http://www.bbc.co.uk/news/uk-politics-19690327

Buy your own pins...

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turbobloke said:

Anybody with disposable income or savings could 'afford' to pay more tax. But why should they if they already pay what they should and are lawfully avoiding paying more?

Edited by turbobloke on Sunday 23 September 09:59

Exactly. Meanwhile PUBLIC spending continues to soar....

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Guam said:

RYH64E said:

How on earth is some government official going to work out what I'm worth when I don't know myself?

Property is easy enough to put a ball park figure on but like many people the bulk of my money is tied up in a business, the value of which is largely based on what someone will pay for it. It's very hard to value a business, and that's my most valuable asset (I think...).

Thats an easy one, they will extend what they do now, some spotty kid in HMRC will assess you, they can conjure the figure out of their arse.
Then they force you to show why the assessment is wrong.

There have been numerous cases in the past of this kind of behaviour <its why businessmen need insurance>. The burden of proof is reversed in these circumstances, you are guilty UNLESS you can prove otherwise.

It costs HMRC very little initially to do this, if they go to court then its a different ballgame of course.

By the time it gets to court the recipient of this "extra scrutiny" is out many 10s of thousands <unless insured> even if HMRC say oops sorry we screwed up and dropped the case.

It matters not if you have done nothing wrong and are as honest as a saint. Once the system starts on you you are in a world of hurt!

Been through this twice in 3 years.

First after being unemployed for 14 months, a demand for £18,000, 3 months of further worry on top of everything else before they dropped it no sign of a sorry either.
Second time after being employed for 5 months [PAYE as well] they decided I'd earned £42,000 in that period [ if only] and I had to give them £6,000.

Just squared that away last week [so sorry to all for any cranky posts in the preceding period]

knunts the lots of them!