Friday, May 01, 2009

One-way street continues

Tim Worstall befouls the May Day punchbowl with this find:

Businesses’ ability to recover overpaid tax would be curtailed by measures in yesterday’s finance bill, experts warned.

They said Revenue & Customs was trying to draw a line under an era that saw it hit with a series of multibillion refund claims.

The little-noticed proposals – originally tucked away in a note to the Budget – mean that from April 2010, taxpayers would no longer be able to sue Revenue & Customs in the High Court to reclaim overpaid corporation, income and capital gains tax.
Despite those who feel that taxation does not change the behaviour of the individual, the first thought is of course ...... how to get around this. The initial thought which comes to mind is to pay the absolute minimum possible due. Far easier (yet still painful) to write a cheque covering the difference than it is to try and claw back what is rightfully yours from government.

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