Nadine Dorries was on the radio earlier whining on about the current part of the expenses scandal and came out with the line that this is just like a tax code being changed and retrospectively applied for several years. So her argument is that financial matters such as tax and expenses shouldnt’ have any form of retrospective element.
Funnily enough this isn’t the line the government & parliament take when it comes to the ordinary Joe Public.
The pre-owned assets tax (“POAT”) was introduced in the tax year 2005/06 and levies a charge to income tax on some previously successful inheritance tax planning schemes which were within the rules.
It can be applied to transactions entered into since 17th March 1986.
So Nadine, up yours. The rotten parliament you and the other 645 troughers are in set the precedent here.