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

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    Originally posted by ProcorreVictim View Post
    Strange how they are calling it a loan cleanse now as opposed to Loan Charge dont you think?
    I think they are referring to the Procorre scheme as a "loan cleanse scheme". No idea what "cleanse" is about but I don't think this has any relation to the Loan Charge legislation.

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      Originally posted by ProcorreVictim View Post
      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?
      I wonder if they are calling people who went through the Procorre Acquisition are part of this "loan cleanse scheme", but because you didn't, they've just told you enquiries into that are closed. Not sure it means you're free from the Overdrawn capital account / expenses card payments prior to 2019 though, but I'm purely making an educated guess.
      Last edited by mightyspur; 20 September 2023, 06:07.

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