Horizon exit opportunity (Non-Big Group discussion thread)

[FakeHorizon]

Ask yourself this. How big a deal is the 2019 charge for the Government and HMRC?

Then ask yourself what HMRC's response is likely to be to anyone who tries to dodge it.

Red rag, bull?

I've done my own research and paid for my own advice, the two mantras of this forum, I'll be fine so I can either clear loans at 5% or pay tax at 20%. Toss a coin? Are there provisions for HMRC to tax me on repaid loans? Not according to my paid-for advice!

[cojak]

I've done my own research and paid for my own advice, the two mantras of this forum, I'll be fine so I can either clear loans at 5% or pay tax at 20%. Toss a coin? Are there provisions for HMRC to tax me on repaid loans? Not according to my paid-for advice!

Well good luck for the future.

[WTFH]

I've done my own research and paid for my own advice, the two mantras of this forum, I'll be fine so I can either clear loans at 5% or pay tax at 20%. Toss a coin? Are there provisions for HMRC to tax me on repaid loans? Not according to my paid-for advice!

These repayments that you make, are they from your personal account or your business one?

[FakeHorizon]

These repayments that you make, are they from your personal account or your business one?

any repayments I make will be from personal funds. I and others in the same position have until the loan charge becomes law to clear outstanding loans, based on the decision made in the Rangers case. This is what is being advised.

[FakeHorizon]

Well good luck for the future.

I'll probably join a cult and assign all my assets to them. That'll teach HMRC!

[eek]

any repayments I make will be from personal funds. I and others in the same position have until the loan charge becomes law to clear outstanding loans, based on the decision made in the Rangers case. This is what is being advised.

So you've repaid the same amount in £ sterling that you were originally loaned? Was the advice just based on their best opinion and what are they offering if their advice is wrong - will you get a refund?

[me206et]

So you've repaid the same amount in £ sterling that you were originally loaned? Was the advice just based on their best opinion and what are they offering if their advice is wrong - will you get a refund?

If anyone has enough to pay the full loan in cash then I would suggest that the tax is not a problem. They are the very lucky or very prudent ones.

I would be interested to know what people think of paying the loans off on the 5th April 2019. I cannot see how the HRMC can demand that it comes from your personal account. As long as it is paid off and you can prove it. Surely it is up to you how you pay it off. As long as it is cash and not equities etc.

Admittedly there is then the question of how to get the cash back out of the EBT without incurring a huge tax bill.

[FakeHorizon]

So you've repaid the same amount in £ sterling that you were originally loaned? Was the advice just based on their best opinion and what are they offering if their advice is wrong - will you get a refund?

I'd imagine they've taken QC opinion on this. This is a bona fide accountancy firm in the UK, not the usual chancers in IOM and Cyprus. Should I not rely on their advice? If they are spinning, then I lose the 5% trust fee and have to pay 20% tax, that's the risk. No refunds.

[FakeHorizon]

If anyone has enough to pay the full loan in cash then I would suggest that the tax is not a problem. They are the very lucky or very prudent ones.

I would be interested to know what people think of paying the loans off on the 5th April 2019. I cannot see how the HRMC can demand that it comes from your personal account. As long as it is paid off and you can prove it. Surely it is up to you how you pay it off. As long as it is cash and not equities etc.

Admittedly there is then the question of how to get the cash back out of the EBT without incurring a huge tax bill.

no-one will be paying the loans back in full and walking away from it, I think that much is obvious. Waiting till 2019 also seems crazy to me as you're going to be in the higher tax bands without a doubt.

[eek]

I'd imagine they've taken QC opinion on this. This is a bona fide accountancy firm in the UK, not the usual chancers in IOM and Cyprus. Should I not rely on their advice? If they are spinning, then I lose the 5% trust fee and have to pay 20% tax, that's the risk. No refunds.

I used to joke that a qc opinion was an alcoholic meal and anything where the qc kept a straight face was acceptable. Oh and the accountancy firm saw you coming