Originally posted by burnside
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Clso2 - anyone??
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I plan on sending a letter recorded delivery and an email as proof of sending and receipt. Wouldn’t want to take a riskComment
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Originally posted by Loan Ranger View PostThey probably won't be able to give you a tax figure for LC19 because it depends on what other income you have in 2018/19, whether you contribute to a pension etc.Comment
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Originally posted by burnside View PostThe CLSO figure is the more difficult one for me mainly due to the late payment interest they will be charging.
This is the accrued interest as of end of Feb 2018. Interest is currently accruing at 3% flat (non compound) per annum eg. if you were to settle in 6 months time just add another 1.5%.
Tax Year ___ Interest
2001/2 _____ 72.1%
2002/3 _____ 65.6%
2003/4 _____ 59.4%
2004/5 _____ 52.0%
2005/6 _____ 45.4%
2006/7 _____ 38.0%
2007/8 _____ 30.1%
2008/9 _____ 25.2%
2009/10 ____ 21.2%
2010/11 ____ 18.2%
2011/12 ____ 15.2%
2012/13 ____ 12.2%
2013/14 ____ 9.2%
Example
Suppose your additional tax liability for 2008/9 is £10,000.
The interest would be £10,000 * 25.2% = £2,520Last edited by Loan Ranger; 25 February 2018, 09:54.Comment
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What about for 14/15 and 15/16, do they have those rates as well? Although I'm going have a stab at 6.2% and 3.2%Last edited by burnside; 25 February 2018, 23:51.Comment
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How do you know if IHT is applicable under CLSO2?
If the loan is closed off or repaid - is it just a case of HMRC assuming IHT applies, and charging you regardless?Comment
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Originally posted by ChimpMaster View PostHow do you know if IHT is applicable under CLSO2?
If the loan is closed off or repaid - is it just a case of HMRC assuming IHT applies, and charging you regardless?
see "made atlas shrug" post on other forums. He went through CLSO and was nearly charged second IHT.Comment
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Originally posted by Finalwhistle View Postsee "made atlas shrug" post on other forums. He went through CLSO and was nearly charged second IHT.
The settlement figure didn't include IHT but given HMRC's wording on the agreement, they had promised that the settlement amount was final in terms of tax due.
So he fought back against HMRC's IHT dept and eventually they had to back down.
My questions still stand:
How do you know if IHT is applicable under CLSO2?
If the loan is closed off or repaid - is it just a case of HMRC assuming IHT applies, and charging you regardless?Comment
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Originally posted by ChimpMaster View Post
My questions still stand:
How do you know if IHT is applicable under CLSO2?
If the loan is closed off or repaid - is it just a case of HMRC assuming IHT applies, and charging you regardless?Comment
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Originally posted by Finalwhistle View PostMy understanding is it applies to trust based loans only.Comment
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