Has anyone discussed that the providers of the EBT schemes are liable for the tax individuals are now owing. I feel really duped by the big sell "fully HMRC Compliant" gag and when the proverbial hits the fan they shut up shop and disappear!
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Sadly your tax is your responsibility. HMRC do not have a case against the suppliers. You, of course, may well have one on several points.Originally posted by damon123 View PostBlog? What blog...?
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There is little you can do except write it off to experience and not let it eat away at you.Originally posted by damon123 View Post
The scheme providers were not regulated by the FSA (now FCA) in most cases. Even Premier, who were strongly connected with (possibly owned by) an accounting firm would have been insulated from the conditions that the accounting firm had to meet. So there is no statutory route to compensation.
Most providers have long gone. Those that remain would be protected by a whole series of disclaimers and as the previous poster said, ultimately the liability for your tax is with you.
We did look at whether the Isle of Man Government might be culpable for allowing so many trusts to make so many unsecured and uninvestigated loans. We came to the reluctant conclusion that they might be, but given the importance of the trust sector to the Isle of Man and the potential size of the issue, they Manx Government would defend to the death their position. They have also since introduced new regulation so they would run to that haven.
My advice is forget any thoughts of retribution financially and instead, if you want to take action, warn others not to sucked into what will no doubt be a new crop of schemes coming up soon.Best Forum Adviser & Forum Personality of the Year 2018.
(No, me neither).Comment
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