Pension contributions can be used to relieve LC19

[ChimpMaster]

The big question I would like answering is whether or not the demand that comes, will be subject to appeal. A question I have also put to HMRC and await a response.

Why would it be subject to appeal?

The LC circumvents all rational law. HMRC have engineering this wrath to force you to disclose any outstanding loans you have. Therefore, the demand that results from LC disclosure is based on the numbers you have given. So logically you cannot appeal the tax demand that is based on your own numbers.

Unless you're talking about the demand to provide LC information. But it's too late for that, going by everything we've been told.

Nuts in a vice. Something will crack soon.

[Loan Ranger]

The Loan Charge information must be provided to HMRC after 5 Apr 2019 and before 1 Oct 2019.

The required information is:

Employee - para 35D
https://publications.parliament.uk/p...90151_en_7.htm

Self-employed - para 23
https://publications.parliament.uk/p...90151_en_8.htm

I can't find what happens after you've provided this. Do they send you an assessment?

[EBTContractor]

Do pension contributions have to be to a UK provider to relieve LC19?

[regron]

Why would it be subject to appeal?

The LC circumvents all rational law. HMRC have engineering this wrath to force you to disclose any outstanding loans you have. Therefore, the demand that results from LC disclosure is based on the numbers you have given. So logically you cannot appeal the tax demand that is based on your own numbers.

Unless you're talking about the demand to provide LC information. But it's too late for that, going by everything we've been told.

Nuts in a vice. Something will crack soon.

In the same way Discovery Assessments can be appealed. I am hoping for a better resolution than the LC as I simply cannot afford it. Therefore if HMRC say the LC demand cannot be appealed, then Im might as well push the BR button now, rather than wait as I will be timed out from being able to bring any other alternative conclusion to all this mess.

[Loan Ranger]

Do pension contributions have to be to a UK provider to relieve LC19?

I don't think so.
https://www.gov.uk/guidance/overseas...-contributions

There's a list of recognised overseas pension schemes (ROPS), by country, here:
https://www.gov.uk/government/public...-notifications

Probably best to contact your pension provider.

[ChimpMaster]

In the same way Discovery Assessments can be appealed. I am hoping for a better resolution than the LC as I simply cannot afford it. Therefore if HMRC say the LC demand cannot be appealed, then Im might as well push the BR button now, rather than wait as I will be timed out from being able to bring any other alternative conclusion to all this mess.

I really doubt you can appeal the LC payment but you might get some kind of TTP agreement. It might still be better to go the BR route but only you can decide that. You have time to get your affairs in order before you apply for BR, so plan wisely.

It's a real sh1tstorm this. The whole country is in a mess.

[EBTContractor]

You pay a pension contribution of say £120k.

.

And how much pension would you be able to contribute if you at the time LC19 kicks in is a non UK resident and havent lived in the UK since 2014?

[phil@pmtc]

And how much pension would you be able to contribute if you at the time LC19 kicks in is a non UK resident and havent lived in the UK since 2014?

Happy to be corrected but I believe ‘nil’. I think you can only use foreign pensions if you have moved back to the UK.

[EBTContractor]

Happy to be corrected but I believe ‘nil’. I think you can only use foreign pensions if you have moved back to the UK.

I have a UK pension and can make contributions from a UK bank account if that makes a difference?

[EBTContractor]

The Part 7A tax charge is employment income and so relevant UK income. Or in other words you can delete "-ish" as it counts in the same way as normal pay.

Does that mean that everyone, UK resident or non-UK resident, will be given the same annual current maximum pension contribution of £30,000 in 2018/2019?

Or will everyone, UK resident or non-UK resident be allowed to carry forward any unused allowances from the 3 previous years totaling £120,000 in 2018/2019?