HI just like to say I was searching for some info (as many regulars always suggest people do), and I disagreed with some of the content so put in my bit! Seems it's tails I loose and heads you win on forums but been on a few so will take it!!
The revenue "spotlight" is a lovely thing which highlights things the revenue dont like but obviously can't immediately stop, or else they would get on and do it! I think the phrase is saber rattling. Meaningless but designed to put the frightners on people and it works as comments on this forum show. The BN66 issue is an odd area of law and is not in any way part of popular schemes out there at present but seems to be casting a long shadow here. I'm sure the magazine will not mention the recent court of appeal case they just lost regarding a current tax scheme. They haven't found a way of closing the loan/EBT arrangement yet despite it being around for many years. The IHT issue ony potentially hits if the loan arrangement can be attacked sucessfully and do not effect the contractor schemes as the contractors are not part of a close company (this is an attempted attack on schemes for owner managed companies using a similar end game in the plan)..
AND the continued mention of the loans being called in by the companies is RUBBISH the loans are with the employee trust and the original company has no control over these trusts whatsoever. The trustee companies should be (and normally are) large internationally used trust companies with far more clout than a small tax savings company and international clients who would be seriously pissed off if they started to act unfairly to their clients.
FINALLY yes I do go on forums to raise profile (as do all the other accountants and solicitors on here) but also to learn (which is how I found this site as was looking for some info at the time) and to help. I'm not a contractor specialist (got 3 on books who would probably fit as contractors) nor am I looking to become one - a few more might be nice though!! I do sell a contractor solution (none sold yet!), and part of my learning was finding out what people out in the industry thought of them so I could deal with issues if asked and to make sure the scheme itself had a reasonable name in the industry. Hopefully most users find it beneficial to have some professional input at times to their questions. Back in my shell now! LOL J
The revenue "spotlight" is a lovely thing which highlights things the revenue dont like but obviously can't immediately stop, or else they would get on and do it! I think the phrase is saber rattling. Meaningless but designed to put the frightners on people and it works as comments on this forum show. The BN66 issue is an odd area of law and is not in any way part of popular schemes out there at present but seems to be casting a long shadow here. I'm sure the magazine will not mention the recent court of appeal case they just lost regarding a current tax scheme. They haven't found a way of closing the loan/EBT arrangement yet despite it being around for many years. The IHT issue ony potentially hits if the loan arrangement can be attacked sucessfully and do not effect the contractor schemes as the contractors are not part of a close company (this is an attempted attack on schemes for owner managed companies using a similar end game in the plan)..
AND the continued mention of the loans being called in by the companies is RUBBISH the loans are with the employee trust and the original company has no control over these trusts whatsoever. The trustee companies should be (and normally are) large internationally used trust companies with far more clout than a small tax savings company and international clients who would be seriously pissed off if they started to act unfairly to their clients.
FINALLY yes I do go on forums to raise profile (as do all the other accountants and solicitors on here) but also to learn (which is how I found this site as was looking for some info at the time) and to help. I'm not a contractor specialist (got 3 on books who would probably fit as contractors) nor am I looking to become one - a few more might be nice though!! I do sell a contractor solution (none sold yet!), and part of my learning was finding out what people out in the industry thought of them so I could deal with issues if asked and to make sure the scheme itself had a reasonable name in the industry. Hopefully most users find it beneficial to have some professional input at times to their questions. Back in my shell now! LOL J
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