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

[piebaps]

Hi All,

I too am caught by the current Loan Charge due to my historical use of Procorre/ Glen May.

Admins, please could you set me up with PM rights?

Kind regards

You may want to remove your name. HMRC monitor these pages.

[n002ahe]

Hi,

I am in this as well,

Admins , could I have PM rights please

[Netherton Nick]

PM Rights

Extremely late in the day I discover I am in this as well. I was assured that Glen May was not a loan scheme so outside of scope of the legislation. That satisfied me and I haven't done anything about it since.

I'm not sure what help I can get now.

Most posts seem to ask for PM rights and membership of a WhatApp group.

So, Admin , could I have PM rights please

And if anyone can tell me where I go from there I'd appreciate it

[Paralytic]

Extremely late in the day I discover I am in this as well. I was assured that Glen May was not a loan scheme so outside of scope of the legislation. That satisfied me and I haven't done anything about it since.

I'm not sure what help I can get now.

Most posts seem to ask for PM rights and membership of a WhatApp group.

So, Admin , could I have PM rights please

And if anyone can tell me where I go from there I'd appreciate it

You could start by telling what you have done. eg, what comms/agreements have you had with HMRC. What (if anything) have you disclosed to them via your self-assessment, or otherwise.

And have you had any further/recent comms with the scheme provider/scheme/trust or people claiming to act for it or who now owns assets from it?

ie. Why are you posting now? Is there something in specific you are concerned about or has brought you here now?

[eek]

You could start by telling what you have done. eg, what comms/agreements have you had with HMRC. What (if anything) have you disclosed to them via your self-assessment, or otherwise.

ie. Why are you posting now? Is there something in specific you are concerned about or has brought you here now?

And have you had any further/recent comms with the scheme provider/scheme/trust or people claiming to act for it or who now owns assets from it?

Do you pay any attention to what the mods on here say - don't post personal details on a public forum as it will probably be used against you by HMRC / the scheme providers later

[Paralytic]

Do you pay any attention to what the mods on here say - don't post personal details on a public forum as it will probably be used against you by HMRC / the scheme providers later

I didn't suggest anyone post personal details but its probably good you highlight this again. The poster has not made it clear if they've had any recent comms with HMRC for the schema provider, so I'm not sure how people here can suggest where they go next except "phone WTT".

[eek]

Extremely late in the day I discover I am in this as well. I was assured that Glen May was not a loan scheme so outside of scope of the legislation. That satisfied me and I haven't done anything about it since.

I'm not sure what help I can get now.

Most posts seem to ask for PM rights and membership of a WhatApp group.

So, Admin , could I have PM rights please

And if anyone can tell me where I go from there I'd appreciate it

I'm not going to offer PM rights or a whatsapp group as you need to be sure the people you are talking to are actually who they claim to be. There are reasons why the mods posted https://www.contractoruk.com/forums/...ching-you.html

What I will say is find WTT (other advisors are available but I don't know them enough to link to them) and give them a call as Webberg posts on here and does appear to have posted on this thread.

[Netherton Nick]

I'm not going to offer PM rights or a whatsapp group as you need to be sure the people you are talking to are actually who they claim to be. There are reasons why the mods posted https://www.contractoruk.com/forums/...ching-you.html

What I will say is find WTT (other advisors are available but I don't know them enough to link to them) and give them a call as Webberg posts on here and does appear to have posted on this thread.

I perfectly understand eek. I may have over-reacted, grasping at straws here anyway. HMRC reviewed my use of Glen May in March 2015. I provided heaps of information to it along with as a stock response from the Compliance team stating the scheme "is not a loan scheme". HMRC didn't correct that view then and in fact never followed up the review at all! This lead me to believe it was outside of scope. Thanks HMRC.

I checked the Government website today. Three things were made clear: HMRC doesn't want us thrown of our primary residences; HMRC doesn't want us to use up our pension pots; HMRC doesn't want to make us bankrupt. Well I've raided my pension pot, sold my Isas, borrowed money from friends, family and lenders in order to pay back loans from 2003,4,5,.... Being retired my only income is pension income. There is nothing left apart from a dramatically reduced pension pot and my home. Perhaps there is no further repayment opportunity left. You can't have any more off me HMRC.

[luxCon]

I perfectly understand eek.

Well I've raided my pension pot, sold my Isas, borrowed money from friends, family and lenders in order to pay back loans from 2003,4,5,.... Being retired my only income is pension income. There is nothing left apart from a dramatically reduced pension pot and my home. Perhaps there is no further repayment opportunity left. You can't have any more off me HMRC.

Could you please explain why exactly you had to pay back the loans from 2003 onwards? Who asked for the loans to be repayed and what was the reason you decided to pay them back.

This just does not make sense

[Netherton Nick]

Could you please explain why exactly you had to pay back the loans from 2003 onwards? Who asked for the loans to be repayed and what was the reason you decided to pay them back.

This just does not make sense

I agree, luxCon. Sadly, I think I'm not the only one who has paid back loans from 2003 unnecessarily. I was quick off the mark when the legislation was being finalised. I sought advice from an IP and was told to find out my likely tax liability. I dealt directly with HMRC and received a threatening letter that I would have to pay all loans back from 2003 to the end date. (I think the end date at that time was 2013.) I was given an HMRC estimate of how much I owed in outstanding loans. I began the repayment process. I was advised to repay the oldest loans first as they would suffer the largest interest charge. When I'd repaid up to 2010 the revised legislation came into force. I was stuffed! I've paid back loans no longer in scope and run out of money for any repayment for 2013 onwards. Is stupidity a defence to HMRC?

The only reason I got into these schemes in the first place was that in 2002 I declared at year end that I may be within IR35. I'd already declared and paid dividends and these were then taxed twice: once as dividend and once as income. No matter how I pleaded with HMRC their attitude was 'you've been a disguised employee for years', no sympathy, no repayment, no apology only o/s debt demands!