Finance (No.2) Bill - Have your say [URGENT]

[ChimpMaster]

As long as there is a box for "I have no idea and no way of finding out".

WTF.

All my UK paperwork went south 15 years ago.
My UK bank account used when working closed 10 years.
ago.

So all I could declare is I know I used at least one scheme.

For an unknown period and an unknown amount.

HMRC won't accept that view. They will look at your tax returns for the years you used a scheme and will use a multiplier on your salary to come up with a wild guess of your loan amount. They will then raise a tax demand on you for that loan amount.

It's completely absurd, the extent to which this pantomime has degraded.

[Wildfire8]

HMRC won't accept that view. They will look at your tax returns for the years you used a scheme and will use a multiplier on your salary to come up with a wild guess of your loan amount. They will then raise a tax demand on you for that loan amount.

It's completely absurd, the extent to which this pantomime has degraded.

I have been given an assessment for a particular year (11-12) which has been suspended on appeal. If I now want to pay would that be the end of it as far as 2019LC is concern?

[Loan Ranger]

I have been given an assessment for a particular year (11-12) which has been suspended on appeal. If I now want to pay would that be the end of it as far as 2019LC is concern?

Yes.

In case you're not aware, there will be late payment interest in addition to the amounts quoted in the assessment.

[regron]

Yes.

In case you're not aware, there will be late payment interest in addition to the amounts quoted in the assessment.

But there would still be the issue of the loan itself to deal with.

[Wildfire8]

But there would still be the issue of the loan itself to deal with.

I don't quite understand if the assessment amount is paid then its settled. Surely that is the point of settling? isnt it

[regron]

I don't quite understand if the assessment amount is paid then its settled. Surely that is the point of settling? isnt it

All you are settling is the tax on the loan part. The loan itself still needs to be dealt with. Also, there is nothing stopping HMRC from continuing litigation on your scheme post the 2019 LC and if they win, they will come back for more interest.

If you don't deal with the loan, then there is a chance 'no matter how small' of the trustees calling it back in... do you really want that risk ? Also, if you do get the loan released / written off, there are IHT issues to deal with.

I would recommend you speak to a tax professional, lay out your personal circumstances and let them advise you fully of your options.

[Realist]

All you are settling is the tax on the loan part. The loan itself still needs to be dealt with. Also, there is nothing stopping HMRC from continuing litigation on your scheme post the 2019 LC and if they win, they will come back for more interest.

If you don't deal with the loan, then there is a chance 'no matter how small' of the trustees calling it back in... do you really want that risk ? Also, if you do get the loan released / written off, there are IHT issues to deal with.

I would recommend you speak to a tax professional, lay out your personal circumstances and let them advise you fully of your options.

DON'T BE RIDICULOUS! Nobody owes HMRC ANYTHING as clarified by the supreme court! If the trust decides to call in the loan, they have to prove that they loaned you the money in the first place, which includes divulging the source of the funds.

HMRC's worst outcome is 100,000 or so non compliant, pissed off customers, giving them the righteous finger. Phantom taxes, fairytale debts, bogus charges and etheric interest MEAN ABSOLUTELY NOTHING!

Let them try to get blood from a stone, let them make fools of themselves, let them overstep the line just enough so that we can take back control and chop off their heads!

[regron]

Not really sure what point you are making here to be honest.

[THISISWRONG]

DON'T BE RIDICULOUS! Nobody owes HMRC ANYTHING as clarified by the supreme court!

How can you say this?
I would love it to be true, but everybody else seems to think HMRC have won with no contest!!!!

[allbutbankrupt]

How can you say this?
I would love it to be true, but everybody else seems to think HMRC have won with no contest!!!!

The Nudge Unit doesn't need any help.