BN66 - Court of Appeal and beyond

[Taffia]

My brown envelope just landed on the mat. Happy to wait for MP - I just hope they come up with a definitive plan of what we can expect next and when(ish).

I fail to see how they can offer a deal to Suo Moto clients without doing something similar for the MP scheme. Not sure what MP have left to fight with, but they should surely chase this angle. Coupled with the fact that no other trust or loan scheme that I know of is even being investigated, it's damn annoying.

[BrilloPad]

I second that!!
My wife (bless her) has just sent me an MMS containing a pic of an envelope from dear HMRC. I wonder what it will say. Any guesses?? Another quick scan and off to MP it goes.

Do we need the send the HMRC letter to MP? Wife just opened mine - looks very generic.

[helen7]

Coupled with the fact that no other trust or loan scheme that I know of is even being investigated, it's damn annoying.

Yes, I have been laughed at by a few smug colleagues in my office (banking sector) who have used loan based scheme's (castlemaine) for the last 10 years and have NEVER been challenged.

My view of these scheme's is that they are TAX EVASION as the loan is quite simply made up to disguise the tax free payment. That is why I used MTM instead. What a mistake that was. Quite why HMRC have never targeted them is unbelievable.

[DonkeyRhubarb]

Do we need the send the HMRC letter to MP?

No, they've already got a copy.

[PlaneSailing]

Yes, I have been laughed at by a few smug colleagues in my office (banking sector) who have used loan based scheme's (castlemaine) for the last 10 years and have NEVER been challenged.

My view of these scheme's is that they are TAX EVASION as the loan is quite simply made up to disguise the tax free payment. That is why I used MTM instead. What a mistake that was. Quite why HMRC have never targeted them is unbelievable.

Way back when, I looked at the Castlemaine scheme, but I chose MTM as, like you, I thought it was safer as it was fully declared.

Genius

[OnYourBikeGB]

Depending in what come out of MP next week, I wonder if it is now worth considering another campaign. Our politicians can no longer take shelter behind the legal process. We can ask now them to stand behind their words. They won't I'm sure do anything to let us off the hook, but they can raise questions about the amounts of interest, period of time etc. We can emphasise how we must all accept the will of parliament now, but point out the HMRC made right mugs out of them too.

[Fireship]

Way back when, I looked at the Castlemaine scheme, but I chose MTM as, like you, I thought it was safer as it was fully declared.

Genius

Me too!! I wish I’d picked differently!!

I find the use of the word "fair" leaves a nasty taste in my mouth when there is nothing fair about it!!!

Don't get me wrong, I'm not suggesting Castlemaine should be targeted, I just think it illustrates the ridiculous nature of HMRC's argument!

I’m now facing financial ruin, I have little equity in the family home and have been unable to put anything aside for this due to incurring huge debts relating to 911 and the recent economic downturn, we’ve barely kept our heads above water for the last ten years as it is!! Nor will I be able to work again due to being made bankrupt. Any bright ideas other than finding a very tall building and hoping the insurance cough up for my wife and daughter?

[DonkeyRhubarb]

Me too!! I wish I’d picked differently!!

Don't beat yourselves up over this. Despite what any smart arses say now, there is no way anyone could have seen this coming.

We tend to focus on Montpelier but there were a number of other promoters and advisors recommending it, including the Big4. Every one one of them would have had their own Tax QC give it the thumbs up. One property developer in the PwC consortium put £60M through the scheme. Do you think they would have done that without a ton of due diligence?

The scheme was rock solid and HMRC knew it which is why they never took it to court. And by the way, the goons didn't come up with the retro idea themselves. We've got another lawyer from a Tax Chambers to thank for that. The bloody lawyers have made a fortune out of this one way or another.

[Dieselpower]

Don't beat yourselves up over this. Despite what any smart arses say now, there is no way anyone could have seen this coming.

We tend to focus on Montpelier but there were a number of other promoters and advisors recommending it, including the Big4. Every one one of them would have had their own Tax QC give it the thumbs up. One property developer in the PwC consortium put £60M through the scheme. Do you think they would have done that without a ton of due diligence?

The scheme was rock solid and HMRC knew it which is why they never took it to court. And by the way, the goons didn't come up with the retro idea themselves. We've got another lawyer from a Tax Chambers to thank for that. The bloody lawyers have made a fortune out of this one way or another.

DR - really sorry to trouble you but as you seem to be the main "sage" on this forum (and for good reason) and in view of many of us in a complete state of utter panic, is there any way you could perhaps pen down what may happen over the coming weeks/months - my main concern is when will HMRC finally demand the 6 figure sum they will no doubt be after. And when they do, are we all going to tribunals, and if we are, then do you reckon HMRC will hold off enforcing until the tribunals are dealt with etc?

[moira under the stairs]

DR - really sorry to trouble you but as you seem to be the main "sage" on this forum (and for good reason) and in view of many of us in a complete state of utter panic, is there any way you could perhaps pen down what may happen over the coming weeks/months - my main concern is when will HMRC finally demand the 6 figure sum they will no doubt be after. And when they do, are we all going to tribunals, and if we are, then do you reckon HMRC will hold off enforcing until the tribunals are dealt with etc?

Keep Calm don't panic, there are lots of us in it for 6 figure sums, the fight is far from over, go out and enjoy your weekend, don't let this news put you down too much, there are things afloat, if you get your letter open it - read it - and smile. There is more than one way to skin a cat or in the instance of HMRC a Rat