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.”
Finance Bill debate of 02nd July
“The Government have been celebrating and espousing their reverence for the eight-centuries-old principles set out in Magna Carta. It was that charter that established the supremacy of the law by dictating that no Englishman could be punished without first going through the proper legal process. That set in train a constitutional revolution that has seen billions across the globe having their rights expanded and protected against an all-powerful state.
Yet at the same time, our Government are now overseeing the creation of a law that will permit HMRC to confiscate a citizen’s property before the courts have established who is legitimately entitled to it.
The DOTAS register was a good idea. It was designed to promote openness and transparency in investors’ relations with the HMRC.
It is now, in effect, introducing retrospective legislation, with DOTAS declaration being used as a stick with which to beat legitimate investors—those who had never planned on having the liquid assets to meet disputed liabilities.”