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Finance Bill for Non Residents

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    #31
    Originally posted by Loan Ranger View Post
    Technically yes but, in practice, I can't see HMRC pursuing it any further once they've collected LC19.

    The whole point of LC19 is to clear up the historical loan mess.
    Faith in the good nature of HMRC... that's not an approach I'm willing to risk given their drive to collect maximum tax.

    If nothing else, it will hopefully prove once and for all that no tax was due from the contractor for the year in which the discovery assessment was raised. Possibly a pyrrhic victory... but any victory is a good one these days.

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      #32
      Originally posted by Loan Ranger View Post
      Technically yes but, in practice, I can't see HMRC pursuing it any further once they've collected LC19.

      The whole point of LC19 is to clear up the historical loan mess.
      I used to think the same however, put yourselves in their shoes (I tend to try and do that a lot now !!)

      Would it cost them that much time and money to send you a closure notice and instigate litigation ?

      Whilst you can respond and continue the fight, how many would could actually afford it and go down this route, especially having paid up the LC2019 charge. Result = HMRC win by default and a bill comes through the door for interest !!
      STRENGTH - "A river cuts through rock not because of its power, but its persistence"

      Comment


        #33
        Originally posted by GoneSurfing View Post
        Faith in the good nature of HMRC... that's not an approach I'm willing to risk given their drive to collect maximum tax.

        If nothing else, it will hopefully prove once and for all that no tax was due from the contractor for the year in which the discovery assessment was raised. Possibly a pyrrhic victory... but any victory is a good one these days.
        It's not a question of faith. Apart from opening enquiries and raising assessments, HMRC have done very little over the past decade or so. Once they've collected LC19, they'll have even less motivation to do anything.

        Are you saying a scheme provider is still taking an appeal to the tax tribunal? I wouldn't be at all confident of that succeeding.

        Comment


          #34
          Originally posted by regron View Post
          I used to think the same however, put yourselves in their shoes (I tend to try and do that a lot now !!)

          Would it cost them that much time and money to send you a closure notice and instigate litigation ?

          Whilst you can respond and continue the fight, how many would could actually afford it and go down this route, especially having paid up the LC2019 charge. Result = HMRC win by default and a bill comes through the door for interest !!
          By this time next year, I would expect a lot of people will have settled. As well as being a tax charge, LC19 is also a big stick to encourage people to take the carrot (CLSO2).

          For many people, LC19 could work out more costly than closure notices, because it's one big hit in a single year.

          A fair number of people will have CTDs, so little or no interest. Others have paid APNs, so no interest since. The late payment interest rate has been very low for the past 9 years.

          My money is still on LC19 being the end of the matter.

          Comment


            #35
            Originally posted by Loan Ranger View Post
            By this time next year, I would expect a lot of people will have settled. As well as being a tax charge, LC19 is also a big stick to encourage people to take the carrot (CLSO2).

            For many people, LC19 could work out more costly than closure notices, because it's one big hit in a single year.

            A fair number of people will have CTDs, so little or no interest. Others have paid APNs, so no interest since. The late payment interest rate has been very low for the past 9 years.

            My money is still on LC19 being the end of the matter.
            I’m completely confident in stating that LC is the end of the matter. Enquiry falls away at that stage.

            Comment


              #36
              Originally posted by phil@dswtres View Post
              I can put you in touch with a big 4 advisor from over in Australia if you wish? I’m sure she’ll be happy to have a free chat/give general advice.
              Cheers Phil can you PM me the details 😊

              Comment


                #37
                Originally posted by phil@dswtres View Post
                I’m completely confident in stating that LC is the end of the matter. Enquiry falls away at that stage.
                Do you have any hard evidence regarding this please Phil ? Whilst I agree with both yourself and Loan Ranger, as this makes common sense. We all know too well that HMRC don't have any.

                Apologies, but having dealt with them for the last 12 years over all this mess, without anything in writing, I remain skeptical. It is them who have made me this way.

                Remember their buzz saying at the moment:

                'Maximise Revenue'

                The assumption they will 'Fall Away' is no good for me I'm afraid. They have to be closed officially and I would want written proof of that.
                Last edited by regron; 27 March 2018, 13:55. Reason: Added to the post
                STRENGTH - "A river cuts through rock not because of its power, but its persistence"

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                  #38
                  If you want absolute certainty then settlement is the only option.

                  Ok, even that isn't 100% because of potential IHT charges but it would shut down the enquiries.

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                    #39
                    Originally posted by Loan Ranger View Post
                    If you want absolute certainty then settlement is the only option.

                    Ok, even that isn't 100% because of potential IHT charges but it would shut down the enquiries.

                    It just shows what a complete mockery this whole s**t really is. Neither directions seems to give certainty. How can that be right. It's that scary that it seems bankruptcy is more final and certain than any of the HMRC options !!!! Country is f******d

                    My comments come with a lot of paranoia attached, guess who's fault that is too !!!!
                    STRENGTH - "A river cuts through rock not because of its power, but its persistence"

                    Comment


                      #40
                      Originally posted by regron View Post
                      Which part do you not believe to be correct ? I can 100% guarantee he now resides in Australia.
                      Matt Hall (or Saleos as he is known on these forums Saleos) is now living in Australia.

                      He may well be pursuing all sorts of angles to help users of schemes, but he's doing that from Australia.

                      Comment

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