Tax Credit Scandal
Originally sent: July 18, 2005You have probably heard a lot of comment recently on the Tax Credit fiasco. The ?1.9 billion paid out in error by Inland Revenue (as it then was) to around 1.9 million families last year.
You may even have been the recipient of this generosity. After all, even though this is a means tested benefit, a family with an income of up to ?58,175 could benefit from the credit ? a not inconsiderable sum. And if you were unaware of this, you should look into it very quickly, as you might be missing out on large sums that legitimately belong to you (and even larger sums that do not but that Revenue & Customs seem to want to pay you anyway!)
I have been following the affair quite closely. I have heard some rather inane comments on it recently from senior figures. However, this latest comment from David Varney, Chairman of Her Majesty?s Revenue & Customs, must take the biscuit:
"We haven't had enough experience of the system to make a sensible judgment in terms of annularity; we need to run a few cycles to see how it works."
In other words, ?we need a few more years of giving out taxpayers? money erroneously before we can figure out how our system works?! At least, it seems to me that is what he is saying!
Should we, or our clients, be pouring more tax money than we need to into a system like this? I think you know how I feel about that!
If you feel similarly, why not come along to some of my training days and find out how you can reduce the amount of tax you and your clients hand the Revenue to squander in this way.
Adviser Breakthrough Training Solutions Ltd. takes no responsibility for loss occasioned by any person acting or refraining from action, or in consequence of any other person acting or refraining from action, as a result of the material in this article.
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