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

[eek]

IIRC, QC, (or KC today) give opinions. They have no power to approve anything to do with paying correct tax on earnings. My own opinion is that the words are worth the paper they are printed on.

For the scheme operators - and it's been confirmed recently (don't have the details to hand) that they are worth even less than that for scheme members (because they weren't the people paying the Q/KC's bill).

[Fred Bloggs]

For the scheme operators - and it's been confirmed recently (don't have the details to hand) that they are worth even less than that for scheme members (because they weren't the people paying the Q/KC's bill).

Yes, that's exactly my point. Sales pitch, that's all.

[interestedparty]

And just to rub salt into the wounds - when HMRC provided me with their calculation based on the 2019 loan charge they removed my personal allowance as the total amount to be taxed was over £125,140 - that's another £5,332.50 (£11,850 * 45% tax) I'll owe them and which I'll never be able to afford to pay them!

[interestedparty]

And just to rub salt into the wounds - when HMRC provided me with their calculation based on the 2019 loan charge they removed my personal allowance as the total amount to be taxed was over £125,140 - that's another £5,332.50 (£11,850 * 45% tax) I'll owe them and which I'll never be able to afford to pay them!

I'm pretty close to reaching a settlement agreement with HMRC - I'm hoping the final agreed monthly figure will be affordable but will definitely take me well past my pension age. Before I commit to this, does anyone genuinely believe there is a strong legal basis to say no to HMRC and fight them in the tribunals - or are we genuinely at the stage (and probably have been for quite some time) where I should just accept they've got me over a barrel and hope for as kind a repayment agreement as possible?

[NickLeeson2]

You have stated you are pretty close to reaching a settlement, have HMRC responded to you? I haven't heard of anyone receiving feedback since submitting settlement figures in the last 8 weeks.

[GregRickshaw]

I'm pretty close to reaching a settlement agreement with HMRC - I'm hoping the final agreed monthly figure will be affordable but will definitely take me well past my pension age. Before I commit to this, does anyone genuinely believe there is a strong legal basis to say no to HMRC and fight them in the tribunals - or are we genuinely at the stage (and probably have been for quite some time) where I should just accept they've got me over a barrel and hope for as kind a repayment agreement as possible?

I think you just have to accept it, from what I read and hear not a single 'loan style charge' case has been won by anyone other than HMRC. If there are cases which are similar to yours which have been won, one of the posters here will know about it.

The only fight which may be worth having is to ask HMRC to remove late payment fees, which are probably quite substantial, I managed this through very good tax specialists.

[NickLeeson2]

Who was the specialist?

[ProcorreVictim]

So i have just received a letter from HMRC Counter avoidance ASP Teams stating that their queries in the use of a loan cleanse scheme “Procorre” are now complete and that they are taking no further action.

They do then go on to say that this does not mean any other enquiry in to your tax returns for avoidance use are over or negate the potential loan charge position. Therefore, other enquiries in to anything other than a Loan Cleanse arrangement remain open.

Not sure what to make of this? Anyone else received something similar?

[woody1]

Did you have any other enquiries, apart from the loan cleanse scheme? Surely that could only happen if you used another scheme in the same year?

You'd think that them closing the enquiries should take the loan charge off the table but that's a question for a tax advisor.

[ProcorreVictim]

Did you have any other enquiries, apart from the loan cleanse scheme? Surely that could only happen if you used another scheme in the same year?

You'd think that them closing the enquiries should take the loan charge off the table but that's a question for a tax advisor.

Apart from Procorre, no others. Strange how they are calling it a loan cleanse now as opposed to Loan Charge dont you think? I’ve forwarded to WTT for their advice as well.