Loans from EBTs and other Trusts

[sal626]

I have received a Tax re-assessment from HMRC for the year 2008/2009 made under the provisions of Section 29 Taxes Management Act 1970.
During that particular year I was on an EBT scheme whuch I believe was a legitimate arrangement.
I was wondering how I stand regarding this demand from HMRC.
Thanks in advance for any help/advice.

Sounds like a return that has been queried under a discovery assessment.
Who was your scheme provider...get in touch with them in the first instance.

[ChimpMaster]

Sounds like a return that has been queried under a discovery assessment.
Who was your scheme provider...get in touch with them in the first instance.

What would happen if the scheme provider no longer exists?

[sal626]

What would happen if the scheme provider no longer exists?

Next step would be to get some independant advice from an accountant/tax firm.

The EBT saga is still ongoing.....HMRC lost the appeal against Rangers in Nov, but they have this week just been given leave to appeal to Upper Tribunal. It could be years before this is resolved through the courts.

But as I understand the legal position (case law) today is that no tax is due on loans. Obviously HMRC do not agree with this, are are trying to resolve queries by the settlement offer initially.

[Skyblue]

Horizon

Next step would be to get some independant advice from an accountant/tax firm.

The EBT saga is still ongoing.....HMRC lost the appeal against Rangers in Nov, but they have this week just been given leave to appeal to Upper Tribunal. It could be years before this is resolved through the courts.

But as I understand the legal position (case law) today is that no tax is due on loans. Obviously HMRC do not agree with this, are are trying to resolve queries by the settlement offer initially.

I have received the same demand for 2008/2009 but I can't seem to locate the company ( Horizon) their details I had are inactive..does anyone know if they are operating under new name need to contact Mark Duncan/Nick davis? can someone email me their recent contact information?

Any assist will be apperciated...

[rufusTfirefly]

Hi Skyblue.
I too was with Horizon. They closed and re-emerged as Arnica Solutions. They too closed. I have contacted Arnica but not received a reply.
I am awaiting advice from ny accountant.

[Skyblue]

Hi Skyblue.
I too was with Horizon. They closed and re-emerged as Arnica Solutions. They too closed. I have contacted Arnica but not received a reply.
I am awaiting advice from ny accountant.

Hi RufusTfirefly,
Thank you for posting, was your accountant appointed by Horizon or private. It will be difficult for the account to defend the scheme without finer details. This is the reason I am trying to seek Mark Duncan....
It will interesting to know what your account thinks?

I received demand for amount they have just calculated at 40%....
I believe the key is to find contacts from Horizon!!?

[cojak]

But ONLY the use of EBT's up to 9th December 2010.

As far as I am aware (and I am admitedly not one to trawl for cases just for fun) There have been no similar judgements on the self-employed work-around that most providers are currently peddling nor the commercial loan scheme that others use.

How exciting. A whole new series of posts and disappearing providers making its way onto these boards soon!

Good grief prozak - you're clairvoyant!

[Tripazinc]

I too was with Horizon/Palm Rock/Arnica and yesterday (8/2/2013) I also recieved a nice letter form the tax man. I have a few old contact numbers for Mark Duncan and Co which I will try later on today and I will let you know what happens. I am also going to try and get in touch with Lutea as they own the EBT and see what their position is. If anyone has had any information back from their accounts what advice have they given?

[rufusTfirefly]

Hi Tripazinc
Hope you get hold of Mark Duncan.
I had a number for Caroline McClelland who was the accountant used by Horizon/Arnica. But, not surprisingly, the number was out of use. I also have an address for her which I may try.
I am currently operating under a limited company and I've sent the letter to my current accountant for advice.
I will keep you posted.
The response from Lutea will be interesting.

[Skyblue]

Hi Tripazinc
Hope you get hold of Mark Duncan.
I had a number for Caroline McClelland who was the accountant used by Horizon/Arnica. But, not surprisingly, the number was out of use. I also have an address for her which I may try.
I am currently operating under a limited company and I've sent the letter to my current accountant for advice.
I will keep you posted.
The response from Lutea will be interesting.

I also tried to Caroline and no joy... several number for Mark and non of them are active? i am also taking advice from my accountant but unless his aware of all the details of the scheme I am not sure how his going to put a good case together.
Please let us know if you get anything daylight from lutea....