Repeal retrospective elements of section 58, 2008 Finance Act

Section 58 of the 2008 Finance Act attempted to close a perceived tax avoidance loophole, legitimately used and annually declared to HMRC by thousands of self-employed contractors over the last decade.  However, in a move that is unprecedented in UK Tax history, section 58 then back-dated this legislation under the guise of a 'clarification' to 2002.  The legislation is currently being challenged under the European Human Rights act with a hearing due at the Court of Appeal in November.  I propose that this insidious and pernicious legislation, introduced by the previous Labour government, be repealed immediately for the reasons given below.

Why is this idea important?

Section 58 of the 2008 Finance Act attempted to close a perceived tax avoidance loophole, legitimately used and annually declared to HMRC by thousands of self-employed contractors over the last decade.  However, in a move that is unprecedented in UK Tax history, section 58 then back-dated this legislation under the guise of a 'clarification' to 2002.  The legislation is currently being challenged under the European Human Rights act with a hearing due at the Court of Appeal in November.  I propose that this insidious and pernicious legislation, introduced by the previous Labour government, be repealed immediately for the reasons given below.

Totally Unfair S58 of Finance Act 2008

I worked for 20+ years as a limited company and was informed that under IR35 I was no longer a company!! so I opted for a legitimate tax planning scheme. For the last 30 years I have not been able to take any time off as my family depended on me earning money to pay all the bills. I am now approaching retirement age and our home is the only pension we have. If this legislation is allowed to stand we will lose everything I have worked for. The last Government bulldozed this change in the law thru Parliament, strongly opposed by Cons & Lib Dems. Now the Coalition govenment have the chance and the majority in Parliament to right this wrong, so I ask you Mr Clegg to repeal this botched up law. Meantime with tax and interest charges of £150,000+ my family could add to the number of bankruptcies and benefit claimants in the UK

Why is this idea important?

I worked for 20+ years as a limited company and was informed that under IR35 I was no longer a company!! so I opted for a legitimate tax planning scheme. For the last 30 years I have not been able to take any time off as my family depended on me earning money to pay all the bills. I am now approaching retirement age and our home is the only pension we have. If this legislation is allowed to stand we will lose everything I have worked for. The last Government bulldozed this change in the law thru Parliament, strongly opposed by Cons & Lib Dems. Now the Coalition govenment have the chance and the majority in Parliament to right this wrong, so I ask you Mr Clegg to repeal this botched up law. Meantime with tax and interest charges of £150,000+ my family could add to the number of bankruptcies and benefit claimants in the UK