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Repaying back loans

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    #21
    Originally posted by WelshRarebit View Post
    Hi Webberg, thanks for your input. Can you expand a bit more on the above comment? Are you saying that it might be possible to write off the loan without giving rise to a tax charge?
    Yes I am saying that but no, I'm not going to expand on that here.

    I'm sure that most tax advisers have ideas on how this could be done. Some of them will be seen as aggressive and some less so. Either way, I'm pretty certain that nobody would want to take a chance on doing something that could itself spark an enquiry from HMRC. I think we've all had enough of those.

    Consequently I'm trying to achieve a position that is as close to a sign off as HMRC will admit to before saying that I have a solution that is guaranteed to work.

    The truth is, my "solution" is not guaranteed. It has been seen and approved by a tax barrister but that is NOT A GUARANTEE.

    I therefore have some more work to do before I'm prepared to offer anything.
    Best Forum Adviser & Forum Personality of the Year 2018.

    (No, me neither).

    Comment


      #22
      Originally posted by webberg View Post
      Yes I am saying that but no, I'm not going to expand on that here.

      ...

      I therefore have some more work to do before I'm prepared to offer anything.

      Totally understood. Thanks for your comments.

      Comment


        #23
        Maybe yours is a good question to kick off the new forum Rarebit. I would add one suggestion of my own. I have exposure across a 21 month time span involving various "methodologies" from the pre-2011 vintage onwards to SEBT. It would be good to understand the nuances/prognoses for all these. I'm also interested to understand whether we think the size of relative pots at risk in each iteration will have any bearing on the approach. As far as I can see the budget clearly acts/ announces intent to ring fence the pre-2011. I assume that the loan type schemes fell off a cliff in 2013/14 but could be wrong given more recent postings.
        Perhaps the Panama pot will dwarf all others in due course!

        Comment


          #24
          Probably best to wait for the draft legislation to be published.

          And then only discuss it in private.

          Comment


            #25
            Originally posted by QCApproved View Post
            Maybe yours is a good question to kick off the new forum Rarebit.
            I should make clear that the Tax Topics forum will have around one topic a month, depending upon popularity/relevance.

            I see the above question as important but not urgent. Therefore we will put it up as a question, perhaps in a slightly broader context, in due course.

            I think the first question though is on the proposed 5/4/19 tax charge as we need to get a plan together to influence the proposed consultation document and organise an effective campaign that will see suitable protections flow into FB 2017.

            At the moment we have a lot of heat and not much light on the consequences.

            We need light that shines with the power of examples and data. That is the first priority and will be the April subject (and one that I suspect we will return to).
            Best Forum Adviser & Forum Personality of the Year 2018.

            (No, me neither).

            Comment


              #26
              Original post removed
              Last edited by webberg; 5 April 2016, 19:26. Reason: original post removed
              Best Forum Adviser & Forum Personality of the Year 2018.

              (No, me neither).

              Comment


                #27
                Originally posted by webberg View Post
                I'm going to suggest that to avoid any charges of libel/slander that such a question as above is discussed outside a public forum?
                I take it the question has been removed but I reckon I've got a pretty good idea who it might have been libeling, no doubt the same company/individual who is demanding repayment of my loans.

                Comment


                  #28
                  Originally posted by stonehenge View Post
                  I take it the question has been removed but I reckon I've got a pretty good idea who it might have been libeling, no doubt the same company/individual who is demanding repayment of my loans.
                  I note a feeling of despondency in many posts. To me, HMRC latest offering in the budget smacks of desperation. My reading, and I'm no expert, is that they won't have a free ride through the judicial process. They will, for example, need to prove that a loan is "disguised remuneration". Their track record here isn't great and the fat lady hasn't sung yet in the Rangers case. I do feel for those in DOTAS schemes who have been hit by APNs. One also hopes that retrospective legislation will have a tough time in the courts. If the 2019 deal is taken all the way to the Supreme Court it could be 2025 before this is all settled and by then one has to think that the trustees and promoters will have come up with something to frustrate HMRC.

                  Comment


                    #29
                    It's not HMRC I'm worried about. It's the scheme promoter demanding repayment of the loans. They are rumoured to be in deep financial trouble. Bastards.

                    Comment


                      #30
                      Scheme promotors cannot do that unless they are in bed with HMRC and do retrospective legislation.

                      Comment

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