Loans from EBTs and other Trusts

[TheBarCapBoyz]

You're not so naive that you signed up...

Hey look peoples I'm not advising anyone to sign up. Cascade have been operating their scheme for 6 years now with no problems from HMRC unlike a certain Isle of Man based company.
Doesn't mean they won't get hit in the future but to say joining them is "naive" is a ridiculous and juvenile remark as you know nothing about them whatsoever, Mr Troll.

Personally I wished I'd never joined Montpelier and joined Cascade in the first place. As for their website saying nothing, that's because they haven't finalised the scheme yet. They hold regular seminars for anyone who wants to go along to hear the details, and in my opinion are better than Monpelier in their customer service in every way.

So there.

[Old Greg]

Hey look peoples I'm not advising anyone to sign up. Cascade have been operating their scheme for 6 years now with no problems from HMRC unlike a certain Isle of Man based company.
Doesn't mean they won't get hit in the future but to say joining them is "naive" is a ridiculous and juvenile remark as you know nothing about them whatsoever, Mr Troll.

Personally I wished I'd never joined Montpelier and joined Cascade in the first place. As for their website saying nothing, that's because they haven't finalised the scheme yet. They hold regular seminars for anyone who wants to go along to hear the details, and in my opinion are better than Monpelier in their customer service in every way.

So there.

You've got a fine track record of joining dodgy schemes, so keep us up to date with what you choose to do.

[LisaContractorUmbrella]

Hey look peoples I'm not advising anyone to sign up. Cascade have been operating their scheme for 6 years now with no problems from HMRC unlike a certain Isle of Man based company.
Doesn't mean they won't get hit in the future but to say joining them is "naive" is a ridiculous and juvenile remark as you know nothing about them whatsoever, Mr Troll.

Personally I wished I'd never joined Montpelier and joined Cascade in the first place. As for their website saying nothing, that's because they haven't finalised the scheme yet. They hold regular seminars for anyone who wants to go along to hear the details, and in my opinion are better than Monpelier in their customer service in every way.

So there.

If the scheme hasn't been finalised how can they make any claims about its effectiveness, compliance or financial returns???????

[Old Greg]

If the scheme hasn't been finalised how can they make any claims about its effectiveness, compliance or financial returns???????

Now you're just being ridiculous and juvenile.

[LisaContractorUmbrella]

Now you're just being ridiculous and juvenile.

And naive no doubt

[Emigre]

Enquiry into 2008-09 Tax Return

Last week I received the annual missive from HMRC announcing their enquiries into my tax 2008/09 return, especially regarding the "short-term loan". They also enclosed a letter to my tax advisor requsting all sorts of details including my personal bank statements for the fiscal year April 2008 to March 2009.

I declared on my return that I had received a loan. What extra does provision of an entire year's bank statements achieve? Ah, oh yes, an HMRC fishing trip.

They have only stated that they are looking into the loan, so I guess they only need to see the receipt of the loan. Why should I provide them with information that might indicate any scale of ability to pay CNs arising from the DTA arrangement. The statements will be totally redacted of all information that I believe is over and above their stated interest.

Emigre

[malvolio]

Last week I received the annual missive from HMRC announcing their enquiries into my tax 2008/09 return, especially regarding the "short-term loan". They also enclosed a letter to my tax advisor requsting all sorts of details including my personal bank statements for the fiscal year April 2008 to March 2009.

I declared on my return that I had received a loan. What extra does provision of an entire year's bank statements achieve? Ah, oh yes, an HMRC fishing trip.

They have only stated that they are looking into the loan, so I guess they only need to see the receipt of the loan. Why should I provide them with information that might indicate any scale of ability to pay CNs arising from the DTA arrangement. The statements will be totally redacted of all information that I believe is over and above their stated interest.

Emigre

That would be silly in the extreme. They want to see where the loan was spent. But hey, it's your funeral (or at least, your court case).

[Fred Bloggs]

Hint: It helps if you're as old as me...

I acheive approx the same retention through my Ltd Co, though I will say, yes I am an old git and yes using my SIPP is extremely helpful in keeping as much of my turnover out of Hector's hands as possible.

[malvolio]

Now this is interesting. From Choice Premier's FAQs...

Q15: Are the 80-82% Forex gains, shown in the online calculator results, guaranteed?
A: Yes the gains are guaranteed, as the foreign exchange broker will not execute the transactions unless a gain of at least 82% can be achieved.

So if we can't guarantee 82% for any reason, you don't get paid. So the results shown inthe calcualtor are not actually guaranteed then...

19: What happens if I die?
A: If you die whilst in our employ then a tax liability may result in respect of the loans that have been granted to you. If you die after you have left our employ and have repaid any loans granted to you whilst you were an employee then there are not likely to be any adverse tax consequences. Further information in this regard can be found on the members area of our website under the title ‘what happens if die?’

(my emphasis)
In other words, there is always a tax liability, you just defer paying it.


Hmm. Gets better and better doesn't it.

[pastalista]

Now this is interesting. From Choice Premier's FAQs...



So if we can't guarantee 82% for any reason, you don't get paid. So the results shown inthe calcualtor are not actually guaranteed then...



(my emphasis)
In other words, there is always a tax liability, you just defer paying it.


Hmm. Gets better and better doesn't it.

Yes, but in the case of a forex loan, isn't the general idea that the currency that the loan is made in is devaluing, thereby leaving one with a very small amount of money to repay?

That being the case, and given that they only select currencies that are heavily devaluing then one assumes the outstanding tax liability would be very small so even if one were to die "whilst in their employ" then the liability on one's estate would be small.

Just a technical point

Pastalista