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Sympathy for the Devil

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    #21
    Originally posted by Cityampm View Post
    Why is one ex-HMRC employee allowed to plug his business all over this forum and another one not? As Phil has experience with APNs I'd say he's in a much better to advise then old let's draw this out to line my pockets Webberg.
    If PhilM requests his account be changed to that of his business (Phil@gamekeeper_turned_poacher.com) then he can plug his business as much as webberg does. HTH.
    Down with racism. Long live miscegenation!

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      #22
      Originally posted by PhilM View Post
      Please allow me to introduce myself....as an ex HMRC Tax Inspector. Not only that but a senior inspector on the first APN team back in Dec 14. So...any questions fire away.
      A bit of background...I left HMRC a couple of years back to join a big 4 firm. Now set up my own firm offering advice/assistance to anyone in need of it regarding all HMRC issues/enquiries. . Willing to answer any general queries on here. I don't really have time to go into great detail into anybody's specific cases but will spend an hour or so in evenings responding to any questions best I can.
      Phil - does settling under the terms of CLSO2 mean an end to it? Other than IHT which I am aware of seems a little unclear. If someone settles can they sleep at night>

      Also, after the Loan Charge has been paid, do you think HMRC will come back for more, or is that a one time hit?

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        #23
        Originally posted by starstruck View Post
        Phil - does settling under the terms of CLSO2 mean an end to it? Other than IHT which I am aware of seems a little unclear. If someone settles can they sleep at night> Yes, settlement is final. If you chose that route you can insist that HMRC confirm that is the case in the settlement deeds.

        Also, after the Loan Charge has been paid, do you think HMRC will come back for more, or is that a one time hit?
        One time hit. So effectively it ends either a/when you agree settlement or b/when LC19 is over.

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          #24
          Is interest payable on closed year voluntary payments in CLS02?

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            #25
            Originally posted by vern19 View Post
            Is interest payable on closed year voluntary payments in CLS02?

            No, there is no late payment interest on voluntary payments. Though I have seen HMRC (somewhat remarkably) ask for some to be oaid but you can simply refuse and this doesn't effect the settlement.

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              #26
              Phil

              How can HMRC guarantee that people will report loans on the 2019LC?

              And what happens if they don't report?

              For example, what if someone has only closed years from 10+ years ago, and assume they don't read forums or have retired etc. How are they supposed to know they should report loans?

              If HMRC didn't even open enquiries even though they had all the data on Tax Returns - as I see it - the likelihood is that they won't even know if someone skips the 2019LC.

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                #27
                Phil, When HMRC settled open years (before the 2019 Loan charge was announced) and told tax advisors that Closed years were not subject to tax if their client settled. Did they know that they would be able to renege on these settlement deals when the 2019 LC went public?

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                  #28
                  Originally posted by ChimpMaster View Post
                  Phil

                  How can HMRC guarantee that people will report loans on the 2019LC? T

                  And what happens if they don't report?

                  For example, what if someone has only closed years from 10+ years ago, and assume they don't read forums or have retired etc. How are they supposed to know they should report loans?

                  If HMRC didn't even open enquiries even though they had all the data on Tax Returns - as I see it - the likelihood is that they won't even know if someone skips the 2019LC.

                  Good questions.
                  1/They Cant guarantee it - they rely on either a/the person reporting it or b/finding out other ways.

                  2/ They can charge penalties (which they can also do if incorrect information is provided).

                  3/ Good question - I don't know an answer other than I would hope that given such circumstances HMRC would (if they themselves knew/noticed) take this into account when considering (2) above

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                    #29
                    Overseas

                    Phil. With regards to 2019LC, do HMRC have plans for those domiciled overseas?

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                      #30
                      IHT And settlement

                      Hi Phil

                      I’ve got a few settlement questions: what are the IHT implications when a trust has or is in the process of being dissolved/struck off?
                      If a provider still exists, as does the trust, which is IHT compliant, if a request to “release” loans is made on settlement does this trigger an IHT liability? Is it more tax efficient to leave the loans outstanding?
                      What % of the tax liability are HMRC accepting as being reasonable?

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