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Businesses

Submission + - Retroactive Tax Law Changes by UK Govt (bbc.co.uk)

sociocapitalist writes: "The BBC reports that "Barclays Bank has been ordered by the Treasury to pay half-a-billion pounds in tax which it had tried to avoid." which in and of itself seems fine but a couple of factors around it bother me.

Evidently there is a law in the UK requiring "Anyone, such as a bank, accountant, lawyer or tax adviser, who devises a seemingly legal tax avoidance plan, is obliged to tell the tax authorities about it within a few days of using it or marketing it to clients." which Barclays did and then the UK government wrote new law and applied it retroactively to close the loopholes.

While the law requiring disclosure of what would be legal tax avoidance strategies is interesting, the real shocker for me is that laws can be retroactively applied making what was legal when done illegal after the fact."

Businesses

Submission + - The scandal of the Alabama poor cut off from water (bbc.co.uk)

sociocapitalist writes: The BBC reports the ongoing situation in Jefferson County, Alabama where finance companies bribed politicians and a $300 million project ended up costing $3.1 billion bankrupting the county and leaving the poorest unable to pay their skyrocketing water/sewage bills.

Why the financiers were only fined and didn't go to jail, and why they should be subsequently allowed to profit on the situation is just another example of the imbalance in the US (and elsewhere).

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