Montpelier & Newquay 10% loan repayment demands

[Out Of Cash]

I'm new to this forum. I recently settled a £10k+ demand for 2007/8 due to stress of MTM and HMRC going back and forth. Now I've receved the 10% demand (around £8k) from MTM, for loan dating back to 2008/9 period.
I've not received any notification from HMRC or MTM it was under investigation until last year when I queried with MTM what the total settlement figure might be and they advised this EBT was being investigated.
I've still not received anything except the 10% demand. Having just settled for the first year, I'm relucant to just send money back to MTM which is effectively the my salary and I will still have to pay tax if it becomes due.

I'm interested in joining any Big Group if someone can point me in the right direction.

thank you!

WTT Consulting | Tax Enquiry Specialists | London


Towards the bottom right of the web page.

Both HMRC and MTM issues are being looked into ....

[Laxmi]

Big Group

Joined Big Group now. Hopfully will be useful.

[spicecloud]

Yep, I've just scoured the entire thread, seems to be pretty aweful. Will check out Big Group.

[BrilloPad]

Any more lurkers out there?

[DonkeyRhubarb]

This thread has had approx 27,000 views since it was started 4 weeks ago.

It's still getting about 1,000 views per day, so there must be a few lurkers!

[Douglas]

Happy with repayment demand

This thread has had approx 27,000 views since it was started 4 weeks ago.

It's still getting about 1,000 views per day, so there must be a few lurkers!

Hi all

I'm not a lurker, just rather late in getting around to checking CUK.

Maybe I'm naïve but so far MTM may have been slow and disorganised but they haven't, to my knowledge, acted dishonestly. In fact I've been pleasantly surprised how much money and time they have spent defending their previous scheme. They also were highly effective in getting the debt management office off my case after an HMRC error.

Clearly they and the whole tax avoidance industry are in the firing line like never before so I'm not surprised to learn that there are not many staff left or that they are no longer running mass market schemes.

In particular I've dealt with Dawn for years and I simply don't believe she would facilitate any scam. Everyone must make their own decision but my view is that a 10% repayment back into the trust of which I am the beneficiary is worth the punt. I'm sure HMRC will pick the low-hanging fruit first.

D

[Out Of Cash]

Hi all

I'm not a lurker, just rather late in getting around to checking CUK.

Maybe I'm naïve but so far MTM may have been slow and disorganised but they haven't, to my knowledge, acted dishonestly. In fact I've been pleasantly surprised how much money and time they have spent defending their previous scheme. They also were highly effective in getting the debt management office off my case after an HMRC error.

Clearly they and the whole tax avoidance industry are in the firing line like never before so I'm not surprised to learn that there are not many staff left or that they are no longer running mass market schemes.

In particular I've dealt with Dawn for years and I simply don't believe she would facilitate any scam. Everyone must make their own decision but my view is that a 10% repayment back into the trust of which I am the beneficiary is worth the punt. I'm sure HMRC will pick the low-hanging fruit first.

D

Interesting view and thanks for sharing it, as it is different from most of the posts I've read here so far.

It is indeed a punt from what I can I make out so far and for me at least a very big one.

Have you weighed up the merits of the complete Big Group approach versus MTM's, or thought about using parts of each?

Not saying it's realistic, just exploring possibilities as there's so much at stake.

Personally I joined Big Group because my experience of the previous MTM scheme's legal challenges was that they all failed except for one.

Cheers

[StrengthInNumbers]

Agree with Douglas. Trust will have to act in your favour and HMRC will have an egg on face when going to court and saying these r not loans

[UB40]

Id would like to answer as to why 10% - why not 5% or 2.5%?

Yes the trustees has to act in your 'benefit', who decides whats in your benefit, paying 1000s to lawyers maybe in your benefit, paying the trustee fees maybe in your benefit....., and lets face it, there are not many people who can challenge the trustees in IOM court? I hear IOM lawyers are pretty expensive.

Someone posted a great set of questions you should get answered (including a copy of the trust deed) before handing over 10%.

Id like to think, that paying back 10% of the loans, would be the magic bullet that stop Hecter in his tracks, if only it was that simple!

Muddy Water.

[Incredulous]

Agree with Douglas. Trust will have to act in your favour and HMRC will have an egg on face when going to court and saying these r not loans

If Montpelier where acting in the interests of the beneficiaries of the trust and at the same time wanting to legitimise the loans they would not have sent out such an overtly hostile letter with such a short notice period for beneficiaries to start paying back the loan. It seems to me to be calculated to cause panic and get you to make a silly last second decision, take legal advice before paying.

What is the difference between "you have 1month to pay back 1% of the loan" to "you have 10days to pay back 10%" !!! it's no more or less legal in HMRC's eyes.

The tone of the letter also smacks of a spiteful kid knowing its doing wrong. Perhaps they don't realise the devastation this could cause for hundreds of families and especially the real serious impact on their children. Most where caught out by often complex circumstances they had little control over and no past experience of to make sensible decisions. If Montpelier where acting in the beneficiaries interests they would start by returning the 10% fees they took for terrible financial advice.

In many cases 10% is a lot of money and impossible to pay in 10 days e.g. some would need to re-mortgage to raise the money, others just don't have it and most won't pay it if they are wize. Join the Big Group !!!