So what's this all about?
Under EUROPEAN law there are four FUNDAMENTAL RIGHTS. One of those rights is the "freedom of movement of capital". EU law stands over UK law, which means that if the UK, for example, passes a law which interferes with a fundamental right, it must change that law to comply with EU law.
WE WILL ARGUE THAT THE LOAN CHARGE BREACHES EU LAW, as a result IT MUST BE STOPPED!
The Opinion from Leading Counsel, Richard Clayton QC, and his Junior (a joint Opinion) states in terms that a challenge based on EU law arguments has a “better than fifty percent chance of success” the test for winning a Judicial Review is fifty percent, so when counsel says better than fifty percent, it means we should win. The Counsel who provided this opinion are experts in Judicial Review and EU law. We have also instructed Andrew Thornhill QC, therefore we have two Leading Counsel, Junior Counsel, providing together expertise in Judicial Review, EU law and tax law.
In Scotland, we have David Welch, a Scottish Advocate, leading the case.
We have launched two challenges to the Loan Charge. One in the Outer Court of Session Scotland where EU law is, perhaps, looked on more favourably and one in the High Court in England. Challenges will be launched for both those who were employed and self-employed.