No To Retro Tax – Campaign Against Section 58 Finance Act 2008

[Henrik]

Henrik, I am in exactly the same position and thinking/asking the same question.
I really need to understand what happens regarding all my other debts like Mortgage, car loans etc, hopefully HMRC wont get a penny, as any profit that is in my house will need to be split.

My understanding is that they can put a charge on the jointly owned house so that when it sold they get their cut.

If you can, it's worth leasing a car so you have no ownership of it. If you own a car my understanding is that you get to keep it if it's worth less than 4k.

[warlord]

Can HMRC then force a sale on a jointly owned house? I cant see them waiting the 20 years until I retire. But as I have some equity I guess its better than going bankrupt. Just means starting again, maybe even renting
Thats just hope the misses doesn't divorce me first.

[BrilloPad]

Just read the newsletter. I just hope they get on with it asap. I've had enough.

I was not thinking of the shard - more like downing streak. 10 naked of us down downing street.......

[lucozade]

My understanding is that they can put a charge on the jointly owned house so that when it sold they get their cut.

If you can, it's worth leasing a car so you have no ownership of it. If you own a car my understanding is that you get to keep it if it's worth less than 4k.

I'm very worried about all of this and for that reason I'm going to book a meeting with the solicitor recommended by NTRT. I mortgage a house jointly with my wife and due to the financial crash she had to put a sizeable sum of inheritance money in as a deposit to secure a mortgage. As it stands it's got a good chunk of equity and i'm terrified of what may come as it's not even my money!

Spoke to another guy who's done this and because he didn't have any equity he kept his house!

[DonkeyRhubarb]

Getting interest included in bankruptcy

You would need to run this past an accountant or insolvency practitioner but here's my take on it.

As things currently stand, you've appealed the assessments or closure notices and asked for payment to be postponed pending your appeal which HMRC have agreed to. This is the only reason why they have not enforced collection.

If you withdraw your appeal then I believe the full amount of tax and interest would become due. They may give you 30 days to pay before it becomes an enforceable debt.

So, after receiving APNs, all you would need to do is withdraw your appeal and the interest would be included in the debt.

[lucozade]

You would need to run this past an accountant or insolvency practitioner but here's my take on it.

As things currently stand, you've appealed the assessments or closure notices and asked for payment to be postponed pending your appeal which HMRC have agreed to. This is the only reason why they have not enforced collection.

If you withdraw your appeal then I believe the full amount of tax and interest would become due. They may give you 30 days to pay before it becomes an enforceable debt.

So, after receiving APNs, all you would need to do is withdraw your appeal and the interest would be included in the debt.

Do we know for sure if APNs will be issued in our case considering the court hearings haven't taken place yet for Shiner/Huitson?

Furthermore, will these APNs cover any other business, i.e. EBT stuff if you so happen to be involved in that too.

Gulp.

[DonkeyRhubarb]

Do we know for sure if APNs will be issued in our case considering the court hearings haven't taken place yet for Shiner/Huitson?

Furthermore, will these APNs cover any other business, i.e. EBT stuff if you so happen to be involved in that too.

Gulp.

We won't know for sure until HMRC publish the list of scheme numbers, which they are supposed to do before it becomes law in July.

We know from the consultation that EBTs are in the firing line.

The legislation will affect 43,000 taxpayers so it's very wide ranging.

[smalldog]

Can HMRC then force a sale on a jointly owned house? I cant see them waiting the 20 years until I retire. But as I have some equity I guess its better than going bankrupt. Just means starting again, maybe even renting
Thats just hope the misses doesn't divorce me first.

Yes they can force the sale, unless someone wants to buy you half and pay you the money

[smalldog]

You would need to run this past an accountant or insolvency practitioner but here's my take on it.

As things currently stand, you've appealed the assessments or closure notices and asked for payment to be postponed pending your appeal which HMRC have agreed to. This is the only reason why they have not enforced collection.

If you withdraw your appeal then I believe the full amount of tax and interest would become due. They may give you 30 days to pay before it becomes an enforceable debt.

So, after receiving APNs, all you would need to do is withdraw your appeal and the interest would be included in the debt.

DR, my understanding is that APN's WILL NOT include interest. Only at the point of appeal conclusion, i.e. the case is settled by tribunal would any interest calculation then be made and become payable. Im open to correction but that seems the be the case. So in essence yes only when the appeal is removed does interest become payable, which unless you want to submit for bankruptcy to get everything considered as a single lump, I dont see why you would request the appeal removed.

Think its gonna be interesting to see if there is any reaction when HMRC get a sudden wave of bankruptcy notifications related to our case. Wonder if they may rethink their attitude that its all posturing, which they seem or at least Gauke seems to think.

[warlord]

I spoke with David at FRP, great guy. He has his own thoughts that he will share, Pls email him and register. But remember until/if the APNS hit, its only a what/if conversation. Its all about your assets.