No To Retro Tax - Ongoing battle against S58 FA2008

[DonkeyRhubarb]

43 new members this week.

A big thank you to everyone who has joined us.

[the great escape]

Yep, personally I dont think ANYONE should hand over massive wad of cash. Use as TTP agreement while were in this holding pattern. Thats my approach anyway.

and PS - I would happily contribute to a "pay 50% of Georges liability" if we end up paying zero.

PPS - TGE you sure you are ready to push the button on selling your house at the moment? is TTP discussion not an option as a holding position?

Thanks SD. I did explore some holding pattern options towards the end of last year. With the right argument, the IFA can negotiate a stall in demands based on an outcome. Is this TTP the same thing?

[smalldog]

Thanks SD. I did explore some holding pattern options towards the end of last year. With the right argument, the IFA can negotiate a stall in demands based on an outcome. Is this TTP the same thing?

Hi TGE, its not quite the same. a TTP is only agreed by the HMRC with you, not as part of an IFA or IVA generally speaking. Also remember HMRC arent about to take away your home. This is an APN remember and there are rules around payment and penalties.

The worst case being you get a 5% penalty on an APN if you havent settled within 90 days, you then get another 5% penalty if not paid with 12 months. So you need to weigh up whether the total 10% potential penalty that can be incurred over the course of a year is worth the risk compared to us winning and if we lose, the potential increase in the value of your home versus the 10% penalty due. HMRC are not about to take away your home!

I would be sitting tight personally if my home was at stake, a 10% penalty over the course of a year is probably worth the risk for me as its possible we may win in that timescale. However there are no guarantees and we all have different risk profiles.

However back to the crux, I would discuss with HMRC and say I will pay you X as part of a TTP and if they say no, you can just take the penalty hit or sell up and pay it all, your choice.

Good Luck whichever you chose!

[DonkeyRhubarb]

It's a tricky one.

Montpelier have said they will apply for a JR and, like Pinsent Masons & others have already done, they can take out a temporary injunction to suspend APNs.

However, that doesn't take away the uncertainty and worry in the mean time.

Selling your home is a drastic step though but I can understand why some may consider it.

For deGraaf users it's even worse since they don't have the scheme promoter to fall back on. Unfortunately, launching a JR is beyond the resources of NTRT. However, I am hoping that the "open to all" JR discussed below will get off the ground and provide a lifeline.
http://forums.contractoruk.com/hmrc-...ion-apn-3.html

[mossman]

Montp scheme

When I was in the Montp scheme it was partly loan based, with an extra 4% of income being payable to them if the scheme works. If we achieve some sort of settlement independently of Montp, what will their position be on payment of the loan?

[DonkeyRhubarb]

When I was in the Montp scheme it was partly loan based, with an extra 4% of income being payable to them if the scheme works. If we achieve some sort of settlement independently of Montp, what will their position be on payment of the loan?

That loan is only repayable if you don't pay any extra tax whatsoever (zero).

If a settlement involved paying an amount, no matter how small, then the 4% is not repayable.

[mossman]

Loans

That loan is only repayable if you don't pay any extra tax whatsoever (zero).

If a settlement involved paying an amount, no matter how small, then the 4% is not repayable.

Thanks DR.

[the great escape]

Hi TGE, its not quite the same. a TTP is only agreed by the HMRC with you, not as part of an IFA or IVA generally speaking. Also remember HMRC arent about to take away your home. This is an APN remember and there are rules around payment and penalties.

The worst case being you get a 5% penalty on an APN if you havent settled within 90 days, you then get another 5% penalty if not paid with 12 months. So you need to weigh up whether the total 10% potential penalty that can be incurred over the course of a year is worth the risk compared to us winning and if we lose, the potential increase in the value of your home versus the 10% penalty due. HMRC are not about to take away your home!

I would be sitting tight personally if my home was at stake, a 10% penalty over the course of a year is probably worth the risk for me as its possible we may win in that timescale. However there are no guarantees and we all have different risk profiles.

However back to the crux, I would discuss with HMRC and say I will pay you X as part of a TTP and if they say no, you can just take the penalty hit or sell up and pay it all, your choice.

Good Luck whichever you chose!

Good to know brother D. IVA costs a few quid per year, whether you win or loose - not optimal. Received 2 browns; one a few weeks back, which was a small refund believe it or not. The other arrived yesterday - yet to open (target late this evening accompanied by vino tinto) but suspect it's the APN bad boy itself. If anyone has the last 2 circulars from Monty re: APNs, could you please PM them to me. I've relocated and no answer back from my email to TQ. Cheers.

[helen7]

That loan is only repayable if you don't pay any extra tax whatsoever (zero).

If a settlement involved paying an amount, no matter how small, then the 4% is not repayable.

I agree to settle with HMRC for 1pence! :-)

[DonkeyRhubarb]

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