BN66 - Time to fight back!!!

[BrilloPad]

1000th post ... and I have never been able to work out what this thread is about.

There is a company called montpelier who operate from IOM. Alot of people used it to minimize the tax they pay. HMRC was going to put 4 cases before commissioners last year - but decided they would lose. So put bn66 through parliament instead. This closes the scheme - but applies the legislation retrospectively back to 1987.

montpelier aren't very communicative, so alot of people exchange information about the scheme here. this is unfortunate as it is a public forum - so HMRC can read what people think.

hello Mr Brannigan

[ChimpMaster]

Presumably by loan you mean the 4%? Since April 2008 the montpelier thing has turned into a loan scheme.

And did you pay?

What kind of loan is it now (and what was it before)?
And why would Bolshie have had to "pay it back"?

[DonkeyRhubarb]

What kind of loan is it now (and what was it before)?
And why would Bolshie have had to "pay it back"?

Bit of confusion here. The new scheme is based on loans. The old scheme was not.

The loan Bolshie is talking about was part of MontP's fee (4%) which was only payable if HMRC did not challenge an SA return.

HMRC didn't catch everyone initially and some people got their returns opened retrospectively beyond the Jan 31 deadline, by which time MontP had already called in the loan. These people are naturally a bit pissed that they had to pay the whole fee to MontP even though they are now under investigation.

MontP have agreed to refund the 4% if they lose the case.

[ChimpMaster]

DR - thanks for the info.

Can I ask what kind of loan it is now in the new scheme?
Is the loan ever repaid, or does it always remain as a BIK on the Tax Return?

A loan that is never repaid is definately going to be seen as taxable income by HMRC.

I'm quite keen to understand why MP believe this new scheme will hold up against HMRC, seeing as HMRC have the amazing ability to travel back in time now. Also, MP are now on the radar and will always be watched.

[Likely]

Can I ask what kind of loan it is now in the new scheme?

I think MP is giving you guys some loans so that you can sort out your payments to the HMRC next month. . Then MP will give time to repay the loan.. at 10 %.

I am hit too.

[TheGadgetMan]

Partnership Accounts

I received a copy of my Partnership Accounts yesterday...apparently they've already been filed so its too late to check they are correct...will let you know what I think....

[BrilloPad]

I received a copy of my Partnership Accounts yesterday...apparently they've already been filed so its too late to check they are correct...will let you know what I think....

Where did you hear that?

I just asked - no accounts have been filed yet!

check away and get back to us/mp....

[normalbloke]

Initial Letter from HMRC following Royal Assent

Received a communication from Mr B today, informing me the Bill was now law and to expect a 'closure notice'. Also mentioned something about 'jeopardy assessments' being raised to 'protect the interest of HMRC'. Anyone know more about these?

[SantaClaus]

Yeah, I got a letter too.

Mr Brannigan, if youre reading this would you mind translating into plain English?

Looks like I cant add attachments to posts or I would put the letter up here.

[BrilloPad]

Just heard from mp - obviously they have been contacted by loads of people! mp are in discussion with tax counsel - hope for formal response tomorrow!

DONT PANIC!!! :-)