Loans from EBTs and other Trusts

[OneUnited]

This is a closed forum and your opinion isn't welcome. Go and play with the other children on General.

If this continues, I will open a forum on the NTRT website for members only.

Come on guys lets not allow one troll to cause this amount of concern.

We have had them in the past and I am sure we will have them in the future, if we ALL don't reply to him he will get tired and go somewhere else.

[helen7]

I do have sympathy for your personal situation as it was at the confused outset of IR35, and you were badly advised.

I think this is the key statement here. When IR35 started I approached Lighthouse IFA and paid them a large fee for financial advice. They recommended I join Montpellier and I was assured it was perfectly legal and backed up by barister opinion.

I am not a tax expert; I am not a tax law expert - so I went to those where were and sought professional advice.

Do Lighthouse have to pay for this mistake - no.
Do Montpellier have to pay for this mistake - no.
Do New Media Factory have to pay for this mistake - no.
Do I have to pay for there mistake - YES.

and they sit pretty on the millions they made with no consequence.

The real issue here is that financial advice should be regulated and backed with an underwritten guarentee.

[BrilloPad]

This is a closed forum and your opinion isn't welcome. Go and play with the other children on General.

If this continues, I will open a forum on the NTRT website for members only.

Please cojak let stone circle stay. And the appaling lack of moderation, by letting uninformed attacks on us stay, to carry on. And then attacking us when we respond. Admin may think you are a good mod - but no-one else does.

[BrilloPad]

I think this is the key statement here. When IR35 started I approached Lighthouse IFA and paid them a large fee for financial advice. They recommended I join Montpellier and I was assured it was perfectly legal and backed up by barister opinion.

I am not a tax expert; I am not a tax law expert - so I went to those where were and sought professional advice.

Do Lighthouse have to pay for this mistake - no.
Do Montpellier have to pay for this mistake - no.
Do New Media Factory have to pay for this mistake - no.
Do I have to pay for there mistake - YES.

and they sit pretty on the millions they made with no consequence.

The real issue here is that financial advice should be regulated and backed with an underwritten guarentee.

Sorry you feel you are a child and need someone to wipe your nose for you.

I did what I did. I can standing losing in a fair fight. What I cannot stand is HMRC lying and misleading parliament. That is the real issue here.

[BolshieBastard]

Sorry to be pedantic helen but it's 'their' mistake.

Anyway, I see horner was spouting to the committee about hsbc that HMRC win 80% of cases they take to court. Not one mP on the committee pulled her to clarify what's the percentage of all investigation they open are won.

That's both disconcerting and disappointing particularly as one MP seemed to be a little clued up and questioned her about our complex tax regime opening up loopholes.

[BolshieBastard]

Please cojak let stone circle stay. And the appaling lack of moderation, by letting uninformed attacks on us stay, to carry on. And then attacking us when we respond. Admin may think you are a good mod - but no-one else does.

I disagree. We dont need this new troll and his mates like incognito, AtW and the rest infesting this thread.

Mods, please stick to your posts and remove their posts if there are any more.

[stonecircle]

I think this is the key statement here. When IR35 started I approached Lighthouse IFA and paid them a large fee for financial advice. They recommended I join Montpellier and I was assured it was perfectly legal and backed up by barister opinion.

I am not a tax expert; I am not a tax law expert - so I went to those where were and sought professional advice.

Do Lighthouse have to pay for this mistake - no.
Do Montpellier have to pay for this mistake - no.
Do New Media Factory have to pay for this mistake - no.
Do I have to pay for there mistake - YES.

and they sit pretty on the millions they made with no consequence.

The real issue here is that financial advice should be regulated and backed with an underwritten guarentee.

Helen, I agree this is a terrible situation for the likes of you, and perhaps there is a case to only start the retrospective period after an "amnesty" during which extreme avoidance mechanisms can be exited. However retrospective taxation simply must happen. There cannot be one rule for most and another for those who can afford to hire magic circle accountancy firms. If you want to pay less tax vote for a party who will lower taxation, but for decades the rule of law when it came to taxation did (de-facto) not apply to to the richest - see Warren Buffett admitting he pays lower tax than his secretary. It is completely unacceptable in a supposed enlightened democracy.

[normalbloke]

........
I think you're being utopian. The world will never be sufficiently simple for tax loopholes to cease to exist. While I agree reducing tax complexity is always a virtue to be uphold, binning reams of statute is far more difficult than instituting a simple retrospective rule: if the only purpose of your action was to avoid tax, then regardless of the letter of the law, you are a tax evader.

Now that statement is worth a separate thread! (There are a few people who would apply this to our laws, especially tax laws, at the time the Exchequer needs all it can grab, but if we haven't got the letter of the law to abide by, then it's a very, very slippery slope....) Sorry for being off topic but the law isn't (or shouldn't be) a pick 'n' mix subject.

[BrilloPad]

I disagree. We dont need this new troll and his mates like incognito, AtW and the rest infesting this thread.

Mods, please stick to your posts and remove their posts if there are any more.

But then SantaClaus creates a private forum for us - result!

[DonkeyRhubarb]

Would the Montpelier scheme have existed if it wasn't for IR35?

Would MSCs or any of the plethora of EBT/loan/forex contractor schemes have existed if it wasn't for IR35?

Nope. All of this was an unintended consequence of IR35.

If Labour hadn't meddled, none of this would have happened. Everyone would have carried on Ltd and the Government would have got a reasonable amount of tax.

What a mess.