Clso2 - anyone??

[MLeggsy]

Could easily overrun...

So what happens if we are in the CLSO2 procedure and this starts going beyond April 2019 and the LC kicks in?
Are we except as we are in talks? Or does the LC hit us and it’s oir fault for not settling quicker?!?!

Good shout...

From HMRC -

So that we can settle your tax affairs before the loan charge arises on 5 April 2019, you or your agent must send us all of the required information by 30 September 2018. If possible, you should also send us your tax calculation for each year... etc etc

No mention of this overrunning! Which could easily happen if there is a high volume of interest in settling?

MLeggsy.

[MyxALot]

Good shout...

From HMRC -

So that we can settle your tax affairs before the loan charge arises on 5 April 2019, you or your agent must send us all of the required information by 30 September 2018. If possible, you should also send us your tax calculation for each year... etc etc

No mention of this overrunning! Which could easily happen if there is a high volume of interest in settling?

MLeggsy.

LC liability isn't due until 31/01/2020 so probably not going to be an issue.

And given HMRC are keeping CLSO2 their dirty little secret (at least for now) they won't have problems over-running I wouldn't think.

[Finalwhistle]

LC liability isn't due until 31/01/2020 so probably not going to be an issue.

And given HMRC are keeping CLSO2 their dirty little secret (at least for now) they won't have problems over-running I wouldn't think.

Mayb CLSO2 isn’t actually a thing... and is just a term used for an option which has always been available to us I.e. sorry Mr taxman I made a mistake but I want to come forward

[MyxALot]

Mayb CLSO2 isn’t actually a thing... and is just a term used for an option which has always been available to us I.e. sorry Mr taxman I made a mistake but I want to come forward

Not far off - it's HMRC saying "we know you're not liable for the tax and we fked up badly over many years but we hope you kindly offer to pay it so we don't have to take you to court over LC (and risk losing the billions we promised to HMT)".

[webberg]

Mayb CLSO2 isn’t actually a thing... and is just a term used for an option which has always been available to us I.e. sorry Mr taxman I made a mistake but I want to come forward

https://www.gov.uk/government/public...ttlement-terms

Not really a secret is it?

[MyxALot]

https://www.gov.uk/government/public...ttlement-terms

Not really a secret is it?

Neither is it publicised.

An obscure link somewhere deep on the HMRC site is commensurate with being "kept from the knowledge of any but the initiated or privileged", wouldn't you say?

[Finalwhistle]

Neither is it publicised.

An obscure link somewhere deep on the HMRC site is commensurate with being "kept from the knowledge of any but the initiated or privileged", wouldn't you say?

Yup, then come April 2019 they’ll be like “we’ve been open about settlement with those wanting to settle..”
It’s piss poor by anyone’s standards and I don’t think anyone can argue that their lack of motivation for publicising it is that they’re hiding behind the catch all DR LC which again has had **** all publication. Although there was a small exert in the Sunday Times money section last week... maybe that’s the start of things to come. For those who gave up these schemes years ago and are not under enquiry they are totally oblivious to any of this legislation. I feel for them. Having said that they are in a better situation in some respects as I think if I had schemes finishing in 2013 which have not been investigated I think I would probably just chance it and keep quiet. HMRC will be so busy dealing with the CLSO stuff AND are more likely to prioritise those who are still actively using these arrangements rather than the legacy stuff. There has to be limited resources available for all this as has been highlighted by the slow response (already!) to those that have expressed an interest in CLSO.
So for all these people who’re totally unaware, come April 2019 are they all guilty of fraud?? So HMRC are going to start sending these people to prison too?? Can’t see it myself

[Finalwhistle]

https://www.gov.uk/government/public...ttlement-terms

Not really a secret is it?

Thanks for the link. I have actually struggled to find it today... although I was searching for CLSO 2 which is probably why I could find it. Section 2.6 (previous settlements) implies that there is an option to settle some arrangements but not others. That’s quite interesting. So as part of CLSO declare everything and choose which ones to settle or which ones you want to keep rolling (although can’t think of a good reason why you would do that yet)

[Finalwhistle]

This bit worries me a bit...
“The terms of settlement in this guidance may not be available if your client’s appeal has been referred to the Tribunal or the new loan charge on outstanding disguised remuneration loans arises in April 2019.”
Does this imply a time limit.. so if not settled then DR LC will kick in anyway

[burnside]

I registered my interest in CLS02 2 weeks ago when responding by email to a request for loan statements, (frustratingly one that I had previously send them!), I asked them for a figure for CLS02 and for the LC19. Not heard anything, didn't even get confirmation of my email. So I will write to them as well to make sure that they have received my request.