Montpelier & Newquay 10% loan repayment demands

[TAF4]

So, it appears that we have benefited from legitimate loans provided through the various trust arrangements established by Rathowan.
The loans to the self-employed are not caught by the 2019 deadline but only because Hector hasn't flashed up the time machine to go back and 'clarify'.

Due to statute barring, the loans may not be enforceable but they undoubtedly exist.
We need them to be forgiven asap to avoid Hector's 'clarified' justification of why they were disguised remuneration.
The only question after that is whether they are taxable when forgiven or whether they are a windfall benefit. I understand that learned QC's have opined that the event would be a windfall.
With loans continuing to exist we remain vulnerable to both Hector and WG.
The next challenge is how to persuade the Trustees to forgive the loans.

[webberg]

You need to be very careful here.

If HMRC's view is correct, then legitimate or not, the loans exist but the cash was received and is taxable anyway.

A loan being forgiven might be seen as the trust making a distribution = taxable.

A loan forgiven to an employee might be taxable whether the employment exists or not.

A loan to a self employed person (sole trader) might or might not be taxable.

A loan to a partner might or might not be taxable, depending on who made the loan and how it was drawn.

The answers are not as simple as the questions. We are trying to understand the various scenarios and seek some proper analysis and advice before going further than we have so far in considering the loan situation.

I would caution about putting too much here.

Taxtopics is open and in June we'll be discussing this situation away from the public gaze.

[BrilloPad]

Taxtopics is open and in June we'll be discussing this situation away from the public gaze.

Very sensible advice!

I have been PMing a few and pointing them towards Big Group - where the issues can be discussed away from public gaze.

Hello WG Hello HMRC

[jack999]

New B

Webberg,

I was with Montpelier in the past and received the same letter, how can I get credible view on this and if there is a group I can join to know more about it.
I am reluctant to pay as they took 10 % of every £ I earned on the basis that the scheme is 100 % water tight (yes that was long time ago) forgive me I haven't been here for a long while.
If info need to be sent outside this forum please let me know how to contact you.
Thanks

You need to be very careful here.

If HMRC's view is correct, then legitimate or not, the loans exist but the cash was received and is taxable anyway.

A loan being forgiven might be seen as the trust making a distribution = taxable.

A loan forgiven to an employee might be taxable whether the employment exists or not.

A loan to a self employed person (sole trader) might or might not be taxable.

A loan to a partner might or might not be taxable, depending on who made the loan and how it was drawn.

The answers are not as simple as the questions. We are trying to understand the various scenarios and seek some proper analysis and advice before going further than we have so far in considering the loan situation.

I would caution about putting too much here.

Taxtopics is open and in June we'll be discussing this situation away from the public gaze.

[DotasScandal]

As indicated above, Big Group is the place you're looking for.

[webberg]

What he said.

[TAF4]

What he said.

WHS + 1

[BrilloPad]

Is it true that WG is sending out chaser letters?

[Loan Ranger]

Huitson appeal

This may be of interest to those of you were also in the predecessor to the loan scheme.

http://forums.contractoruk.com/accou...ml#post2288767

[stonehenge]

Further evidence that Montpelier are no longer acting in the interests of clients.

Anyone who has repaid their loans will probably never see a penny of that money ever again.

Gittins & co are nothing but a bunch of c****s.