Overdrawn Capital Account Scheme (Aston Mae / Glen Mae / Procorre)

[DealorNoDeal]

Well I don’t think I would trust anything I was told by someone at HMRC!

the only definite way to find out is to get a professional advisor to comment but as far as I know this is a final closure. Can they reopen it at a later date? Maybe but only if there is compelling new information.

The closure notice means that they have found no errors on your return and there is, therefore, no tax due.

I know of cases where they issued CNs to the wrong people, due to an administrative error, but they didn't try to withdraw them and reopen the returns.

So, in answer to your question, I would say no.

[handyandy]

Well I don’t think I would trust anything I was told by someone at HMRC!

the only definite way to find out is to get a professional advisor to comment but as far as I know this is a final closure. Can they reopen it at a later date? Maybe but only if there is compelling new information.

The closure notice means that they have found no errors on your return and there is, therefore, no tax due.

[NasserAlK]

Closure notice received from HMRC for Actinium scheme for 2006 and 2007 tax years.

hi - just to update on letters that I (and my wife) received today relating to Actinium who I used for two tax years back I. The mid-2000s.

they basically say that they are closing the inquiries and no changes to our tax returns are required, I.e. they have no case for underpayment of tax and never did have but it took them 15+ years to work that out without ever asking me for any information and providing no updates.

i sincerely hope that HMRC are now giving up with their bully boy tactics in other schemes too and that those who have had years of fear now get the closure (pardon the pun) that they need.

I will be writing to my tulip bag of an MP to raise this and ask why it is acceptable to accuse people of being tax dodgers and cheats for 15 years and then just close it with no apology. Why are the (very very considerable) taxes I’ve paid during my RGP year career fund this kind of state sponsored intimidation? I’m sure he will reply that they are focus on opening new pork markets!

PS any reputable advisors or people acting on behalf of others or coordinating campaigns. I’m happy to share a scan h with personally identifiable details redacted). I would prefer if this was requested via a mod on this forum so I can know you’re genuine.

Hi

My wife got the same letter today. Did you ring up to query the meaning? The letter seems as though that is it, nothing more to do, case closed, but the number they gave in our letter goes straight to an EE voice mail and I don't trust them not to have hidden meaning in the wording.

Regards

[handyandy]

Closure notice received from HMRC for Actinium scheme for 2006 and 2007 tax years.

hi - just to update on letters that I (and my wife) received today relating to Actinium who I used for two tax years back I. The mid-2000s.

they basically say that they are closing the inquiries and no changes to our tax returns are required, I.e. they have no case for underpayment of tax and never did have but it took them 15+ years to work that out without ever asking me for any information and providing no updates.

i sincerely hope that HMRC are now giving up with their bully boy tactics in other schemes too and that those who have had years of fear now get the closure (pardon the pun) that they need.

I will be writing to my tulip bag of an MP to raise this and ask why it is acceptable to accuse people of being tax dodgers and cheats for 15 years and then just close it with no apology. Why are the (very very considerable) taxes I’ve paid during my RGP year career fund this kind of state sponsored intimidation? I’m sure he will reply that they are focus on opening new pork markets!

PS any reputable advisors or people acting on behalf of others or coordinating campaigns. I’m happy to share a scan h with personally identifiable details redacted). I would prefer if this was requested via a mod on this forum so I can know you’re genuine.

[eek]

WTT have posted this today so it seems HMRC are on manoeuvres https://www.linkedin.com/posts/graha...member_desktop

[interestedparty]

Six weeks, and not a peep out of HMRC - I've rung the first-tier tribunal helpline a couple of times and they can't even confirm they've received the closure notice, nor put it onto their 'system" (whatever that may be), although I did send it by recorded delivery, so know it was received and signed for. They did tell me that they've got a large backlog, and were working on April's requests, which probably explains the lack of any acknowledgements or updates.

I don't want to request settlement because I'm still clinging to the hope that the answers + rationale I've provided will be accepted. Regardless, I'll update this site with the outcome - perhaps the decision, if indeed there is a decision and HMRC don't manage to keep their inquiries open (what on earth is there left for them to know!), will provide an indicative outcome for other GM/Procorre contractors?

[interestedparty]

HMRC may decline to issue Closure Notices, probably claiming they need more time to complete their enquiries, but you could then apply to the FTT asking for a direction compelling HMRC to do so.

The alternative to requesting Closure Notices, would be to just request settlement.

I don't want to request settlement because I'm still clinging to the hope that the answers + rationale I've provided will be accepted. Regardless, I'll update this site with the outcome - perhaps the decision, if indeed there is a decision and HMRC don't manage to keep their inquiries open (what on earth is there left for them to know!), will provide an indicative outcome for other GM/Procorre contractors?

[DealorNoDeal]

HMRC may decline to issue Closure Notices, probably claiming they need more time to complete their enquiries, but you could then apply to the FTT asking for a direction compelling HMRC to do so.

The alternative to requesting Closure Notices, would be to just request settlement.

[interestedparty]

[/I]

You've made the right decision. Life is for living, I see so many pleading/heart wrenching stories about the Loan Charge (I do wonder if some of them are a bit iffy though), where their whole lives are just on hold.

Regardless of what we think of these cases and the schemes etc., HMRC can be fairly reasonable in their TTP approach. If you don't get satisfaction then involve your MP or CAB. It's only money at the end of the day.

Let us know how you get on and good luck[/QUOTE]

Thanks :-)

[GregRickshaw]

Thanks to everyone for their views, and advice. I've decided that the only way I can move on in my life is to submit a closure request to HMRC. It's possible they'll just say they need more time, but it's been six years, and and at least there's a reasonable chance that they'll either (hopefully) close the years under inquiry, remove the (appealed) discovery assessment for 2013, or (worst case, but probably likely) issue a demand for the assessed year, and issue assessments (and payment demands) for the years under inquiry. I can then argue my case by appealing to a tribunal, where I would represent myself. I definitely can't afford to pay HMRC any large amounts of money, so will have to deal with payment negotiations/bankruptcy as and when that event transpires.

But at least this gives me a chance of ending this daily dread of brown envelopes coming through he letter-box, and the negative impact it has had on my life.



The Actinium scheme, mentioned recently on this forum, goes back a decade earlier (2004-6). HMRC opened enquiries and then did nothing. I suspect their users hoped it had gone away but HMRC now appear to have woken from their 15-year slumber and are doing something.

Unfortunately, time is on HMRC's side. Once they open an enquiry, or raise an assessment, they can take as long as they like. And it doesn't disadvantage them financially because each year that goes by they get to collect more late payment interest.

It's very unsatisfactory but that's HMRC for you.

[/QUOTE]

You've made the right decision. Life is for living, I see so many pleading/heart wrenching stories about the Loan Charge (I do wonder if some of them are a bit iffy though), where their whole lives are just on hold.

Regardless of what we think of these cases and the schemes etc., HMRC can be fairly reasonable in their TTP approach. If you don't get satisfaction then involve your MP or CAB. It's only money at the end of the day.

Let us know how you get on and good luck