Montpelier & Newquay 10% loan repayment demands

[regron]

I noted Big Group is closed.

What can I do in the meantime as I'm learning more of the pile of mess I'm got into? Didn't fully appreciate the loan aspects and implication for 2019.

Would like to get some support. Thank you.

Firstly I suggest you work out your total exposure.

How many years did you take loans over ?
How many before 2011 and how many after ?
How many were DOTAS registered and how many were not ?
How many are open and how many are closed ? (which of them have you received an enquiry letter from HMRC about)
How many of your providers are still around and if they are, are any of them litigating ?

The answers to the above will then give you an idea of what options you have, in an attempt to deal with the situation prior to the 2019 nuclear bomb going off !

[ChimpMaster]

How many before 2011 and how many after ?
How many were DOTAS registered and how many were not ?

Just wondering why these questions are relevant, when under the proposed 2019 rule all loans will become taxable?

[regron]

Just wondering why these questions are relevant, when under the proposed 2019 rule all loans will become taxable?

Gives you the option to settle before 2019 and dependant on whether they were pre or post 2011, the liability would be different, as they are being treated differently by HMRC.

[zal]

Gives you the option to settle before 2019 and dependant on whether they were pre or post 2011, the liability would be different, as they are being treated differently by HMRC.

Thanks Regron for your earlier response.

I have 5 tax years and mine are pre 2011. All with Montpelier! Can you say here what the liabilities are?

[regron]

Thanks Regron for your earlier response.

I have 5 tax years and mine are pre 2011. All with Montpelier! Can you say here what the liabilities are?

Ok Zal, bearing in mind that someone else who used the MP scheme will be able to give you better advice on that particular scheme.

As they are all pre 2011, you do have the option to email HMRC on the email address below and ask for a settlement based on that fact.
They will more than likely send you guestimates of the amount of loans you received, so make sure you check to see they are correct. Based on those figures they will show any tax/interest etc... owed and will give you a settlement amount. Just bear in mind there are things such as IHT to take into account, so make sure you scrutinise the offer thoroughly. You will get the option to query the loan amounts, but will have to prove why you think they should be lower than what HMRC think.

[email protected]

As always, look to seek professional advice before making any final decisions.

[ChimpMaster]

Gives you the option to settle before 2019 and dependant on whether they were pre or post 2011, the liability would be different, as they are being treated differently by HMRC.

Different how? Pre or post 2011 still means it's a loan on which full tax is due doesn't it? (though by the sounds of it 2019 will blow everything out of the water).

[regron]

Different how? Pre or post 2011 still means it's a loan on which full tax is due doesn't it? (though by the sounds of it 2019 will blow everything out of the water).

Different as in the 2019 isn't written in stone yet, so not 100% sure what it will entail although yes, it is the big trump card. The pre-2011 years are actively being dealt with by a team in HMRC, so it is easy to get a settlement figure. Post 2011 are dealt with by a different team, who don't seem to know what to do about them. Therefore if someone wishes to settle prior to 2019 and only have pre-2011 loans to deal with, it is an option.

[Mtmvictim]

mtm loan scheme

Hi,

People seem to be focusing on the tax part and not the loan repayment part.

Has anyone heard how these loans eventually end?

They were extended five years once and due to end again next year.

What if Montpelier demand full payment?

[BrilloPad]

Hi,

People seem to be focusing on the tax part and not the loan repayment part.

Has anyone heard how these loans eventually end?

They were extended five years once and due to end again next year.

What if Montpelier demand full payment?

Have you asked WG? A few have paid the 10%. I have heard nothing more about how it will end.

[Mtmvictim]

Have you asked WG? A few have paid the 10%. I have heard nothing more about how it will end.

I have found that since I have expressed my concerns about the loan scheme dawn has been harder to reach. Not replying to calls or emails.

I fear the worst.