BN66 - your liability including interest

[deckster]

Most people haven't still got the money they earned up to 8 years go. They've spent it. It's gone. They've got nothing, nada

I suspect there are quite a few people in my boat. I was very good, kept the money for several years and then, after so long with so little action, invested it in a house 18 months ago. Nice and safe eh?

Sadly since then my house has lost over 100k (guess) and I no longer have enough equity to pay them even if I wanted to. So, basically, tough titty.

My big worry is that HMRC are vindictive enough to force me to sell and then bankrupt me, leaving my family with no house and nothing to put into a new life. In which case I may as well just spend the rest of my life on benefits as I'll have quite literally nothing to show for a Cambridge degree and 12 years hard work. Way to go HMRC!

[DonkeyRhubarb]

I suspect there are quite a few people in my boat. I was very good, kept the money for several years and then, after so long with so little action, invested it in a house 18 months ago. Nice and safe eh?

Sadly since then my house has lost over 100k (guess) and I no longer have enough equity to pay them even if I wanted to. So, basically, tough titty.

My big worry is that HMRC are vindictive enough to force me to sell and then bankrupt me, leaving my family with no house and nothing to put into a new life. In which case I may as well just spend the rest of my life on benefits as I'll have quite literally nothing to show for a Cambridge degree and 12 years hard work. Way to go HMRC!

HMRC's timing is impecable as usual. They introduced IR35 just after the dotcom crash. Doh!

Then they land us with this going into a major recession when asset values have plummetted. Double Doh!!

[phileds]

It would be interesting to know what exactly HMRC can do to extract payment.

Can they put a charge on one's house? Can they force a sale?

Or could one argue one could only afford X per week and force HMRC to accept?

[TykeMerc]

It would be interesting to know what exactly HMRC can do to extract payment.

Can they put a charge on one's house? Can they force a sale?

Or could one argue one could only afford X per week and force HMRC to accept?

Yes to all plus other bankruptcy proceedings.

I know from bitter experience that HMRC are more than willing to start bankruptcy action on a non debt of only £200 that wasn't even owing, clearing up that mess took a while and I suspect that it still shows up on some credit checks.