Loans from EBTs and other Trusts

[madame SasGuru]

I'm being advised that only 3rd party loans are in scope for the 2019 loan change and that it doesn't affect loans classed as first party..Can anyone confirm this?

Let me get this right - in a forum where at the top there are a set of people facing bankruptcy after HMRC finally got round to taxing the money they received as loans you still think that HMRC won't be chasing a particular type of "loan" scheme because its different to other ones - nope I can't see that being the case.

Work out how much money they are making from playing with money that should be yours and note my comment from yesterday afternoon and in your case actually go and get some paid advice from someone who isn't the scheme salesman....

[Fred Bloggs]

I'm being advised that only 3rd party loans are in scope for the 2019 loan change and that it doesn't affect loans classed as first party..Can anyone confirm this?

Yes, I can totally confirm that to be the case 100%. Go right ahead and fill your boots I'd say, what could possibly go wrong eh?

[1manshow]

FTFY - personally any scheme is nowadays in scope and HMRC have enough tools in their armory to ensure you pay the full tax due (and more) when they eventually get round to chasing you x years hence.

But go ahead and join a scheme if you want to I've given up protecting the terminally stupid from their own greed.

Relax, I am set up happily as a ltd company and wouldn't risk it (who knows when the umbrella company would become insolvent/disappear) - my question was really that, are there potentially quite a lot of people who will get away with it due to technicalities of the loan structure?

[madame SasGuru]

Relax, I am set up happily as a ltd company and wouldn't risk it (who knows when the umbrella company would become insolvent/disappear) - my question was really that, are there potentially quite a lot of people who will get away with it due to technicalities of the loan structure?

Well they aren't umbrella companies so I wouldn't call them umbrellas but everything is supposedly covered by the 2019 loan charge and if not I'm sure it would be in the subsequent one or when the self assessment was checked and HMRC presents a very large bill with attached fine.

[regron]

Relax, I am set up happily as a ltd company and wouldn't risk it (who knows when the umbrella company would become insolvent/disappear) - my question was really that, are there potentially quite a lot of people who will get away with it due to technicalities of the loan structure?

Until HMRC catch up with them and amend the rules again.