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Another Brown Hole In The Finances

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You didn't see this, right, so a problem doesn't exist.


The Treasury has refused to disclose the potential cost of the group

litigation orders brought against the government by multinationals because it could damage the economy.

Experts have suggested the case could cost the Exchequer between £10bn and £20bn, sums that would put key fiscal planning targets such as the golden rule at risk.

Accountancy Age had requested information on the potential cost of losing the group litigation orders, brought by companies such as Cadbury Schweppes (pictured), Marks & Spencer, Vodafone, Adidas and BT. In all, at least 1,000

companies have joined the actions, which challenge the enforceability of UK tax law under single market rules laid down in the EC treaty.

The Treasury added: ‘The public interest in withholding the information outweighs the public interest in disclosure because the information would or would be likely to prejudice relations between the UK and another state, and an international organisation or an international court, and would or would be likely to prejudice the interests of the UK abroad and the promotion and protection by the UK of its interests abroad.

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I believe the cases will come back to the UK courts with the EU law points decided. It would still be up to the completely independent judiciary i.e. government glove puppet to decide on the application of the law. There is of course no formal constitutional document in our country providing for the seperation of the executive and judiciary because that would provide at least a little protection for the individual. Can't have that now can we.

I assume that the process will then be dragged out until Clownie is firmly installed in Bliars seat and someone else will be to blame for the sudden shortfall in receipts. Or a good opportunity to put the boot into the EU, look its them what stole our taxes etc.

I would expect those companies that suceed will be given a thorough going over by HMR&C including investigations into the directors personal affairs. Could get messy if they decide to get personal.

There would be an incentive to discourage future claims and making a crucifiction would concentrate a few minds.

There is no moral basis of taxation, merely a legal obligation. In this case the legal obligation is in dispute, so any set of directors dropping out of the action, if they had a reasonable case, would be failing their fiduciary duty to look after the interests of their shareholders. IMHO of course.

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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