Discovery assessment season - unexpected bills from HMRC

[WalterWhite]

What I didn't know at the time was that I had actually been paid by loans which is why I initially told HMRC I haven't received any loans. I had never signed a loan agreement from what I remember. Once I had realised this, an APN was inevitable so no point in me providing bank statements.

Bank statements are personal and HMRC may question any transactions which they believe may be income on your statements which could open you up to further questions not related to the use of schemes so be ready for that. Not that I had anything to hide but didn't want the extra stress.

Did you not have to sign some sort of loan agreement?

[Dazza]

How to get loans cancelled

Does anyone have any experience of getting the loan cancelled by the scheme promoter to avoid tax implications in 2019. Any suggested wording would help.

[WalterWhite]

Does anyone have any experience of getting the loan cancelled by the scheme promoter to avoid tax implications in 2019. Any suggested wording would help.

When you say cancelled do you mean repaid? or written off?

[DotasScandal]

Does anyone have any experience of getting the loan cancelled by the scheme promoter to avoid tax implications in 2019. Any suggested wording would help.

Not to rain on your parade, but there are provisions in the Finance Bill 2017 against precisely such moves.
I suggest you try and join Big Group when it reopens. On your own you're gonna be in a world of pain.

[webberg]

for the avoidance of doubt, a loan release or write off etc DOES NOT avoid the 2019 charge.

HMRC claim that the only way to achieve that is to repay the loan in cash and not to get that cash back.

That claim is full of holes - and perhaps not what the law says - but you can bet your life (or wallet) that they will be advancing that argument.

[Daley]

I'm not sure if I'm understanding this right so forgive me if I'm wrong.

Are the choices we either pay the e.g. £20k tax demand now or repay a £60k loan in full in 2019?

[EBTContractor]

What's the point?

Of issuing discovery assessments now when the 2019 loan charge is coming?

[DotasScandal]

Of issuing discovery assessments now when the 2019 loan charge is coming?

If I offer you 100K now or in 3 years time, what do you prefer?

[DotasScandal]

I'm not sure if I'm understanding this right so forgive me if I'm wrong.
Are the choices we either pay the e.g. £20k tax demand now or repay a £60k loan in full in 2019?

HMRC couldn't give a damn about the rapyment on your loan.
It's just an absurd proposition to signify that your choice is pay the tax or to pay the tax.
In 2019 they want you to pay their "new charge" (=retrospective tax).
(But of course if you can be made to pay now, all the better. A lot of things happen in 3 years' time)

[webberg]

Of issuing discovery assessments now when the 2019 loan charge is coming?

Timing.