Settled but still subject to the Loan charge?
[QUOTE=webberg;2526878]So if you go into CLSO 2 and have a written contract, how far are you prepared to back "this is incorrect" when you have nothing in writing?
If the rules of the DR charge said that a loan subject to CLSO would not be taxed again, I'd completely agree with you.
I can't see that they do.
Remember that the CLSO 2 is outside the legislation. It's a concession offered by HMRC. So ultimately you're looking to have a statutory charge, defined in legislation, removed by application of a non statutory payment. I want any of my clients in this situation to have a written statement that they will not be taxed twice because I think HMRC have proven themselves unworthy of trust here.
If you want to rely on common sense, I admire your capacity to trust HMRC.[
QUOTE]
Can I just clarify? If I am to proceed to settlement, which I'm considering, HMRC might still come after me with the 2019 Loan Charge?
[QUOTE=webberg;2526878]So if you go into CLSO 2 and have a written contract, how far are you prepared to back "this is incorrect" when you have nothing in writing?
If the rules of the DR charge said that a loan subject to CLSO would not be taxed again, I'd completely agree with you.
I can't see that they do.
Remember that the CLSO 2 is outside the legislation. It's a concession offered by HMRC. So ultimately you're looking to have a statutory charge, defined in legislation, removed by application of a non statutory payment. I want any of my clients in this situation to have a written statement that they will not be taxed twice because I think HMRC have proven themselves unworthy of trust here.
If you want to rely on common sense, I admire your capacity to trust HMRC.[
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Can I just clarify? If I am to proceed to settlement, which I'm considering, HMRC might still come after me with the 2019 Loan Charge?
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