MPs slam new tax grab

From City AM :

“Mark Field, Conservative MP for the City of London, said:  To take a retroactive approach to schemes that have already been approved seems wholly wrong.
“This could set a precedent that could be used much more aggressively in future. I’ve got no problem with rules saying that in the past we’ve been overly generous but to claw back money from schemes from many years ago creates a lot uncertainty and that’s not good for the UK economy.”
(…)
During a grilling by the Treasury select committee, Tory MP Steve Baker said that he was “horrified” by the plan, while John Thurso, a Liberal Democrat, suggested that the reform would breach the Magna Carta.

Thurso said that HMRC was trying to become “judge, jury and executioner” and that it wanted to remove legal protections simply because it was “slow and expensive” to follow legal process.”

magna

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