AML 2019 Loan Charge

[Dharmin]

What Loan Ranger said...

HMRC will consider it evasion where someone who earns an income in the UK doesn't declare taxable income or pay a tax charge imposed by HMRC.
The 2019 Loan Charge legislation will turn outstanding or written off loans into taxable income for 2018/19. Not declaring them won't change the taxable nature of the loans.
If the person isn't on HMRC's radar yet, they might not issue APNs or initiate legal action. But eventually they are likely to catch on to the scheme and then the users of the scheme. At that point, the users could face criminal/legal proceedings.
Doing nothing isn't advisable as this will probably catch up with you sooner or later. Do take professional advice and exercise one of the options you have to deal with it.

There is lots of shouting/banging going on twitter under #HMRCHumanCost , do you think this will create miracle in changing the law.

[Gusman1859]

expenses and action against AML

ok so i am thinking of facing the music. Thanks for the responses so far.

Can I ask the following:

People received 2 amts

1st from AML and the second from the trust.

Question 1: Are HMRC looking for tax on the trust amount? Has the AML tax been already paid?

Question 2: Has any one looked at if expenses can be claimed? I had a lot of flights during this time and if expenses were claimable then this would help a little.

Question 3: Is anyone looking to sue AML for the 18% they kept?

Thanks

[CockneyRed]

There is enough info in this entire thread to know what to do and how / who to contact for loans. I didn't have to go to Boston, call AMLTAXIOM or email them, they provided all of my details over the phone. You will have received an email from them at one time or another

[luxCon]

Loan amounts must come from the trustees

I did email AML to send me all my loan details and was told they don't have,.......... , then was told to contact PTS, as they can provide my loan details.

..

I keep reading the same thing posted over and over again, having a moan and a whinge at AML.

Your loans are with the Trustees not AML.

Get in touch with the trustees, Boston in IOM . Bostonmfo.Com

[Scotslaw]

Where is the legislation that says it will become evasion if you do not declare it 31/01/2020?

What Loan Ranger said...

HMRC will consider it evasion where someone who earns an income in the UK doesn't declare taxable income or pay a tax charge imposed by HMRC.
The 2019 Loan Charge legislation will turn outstanding or written off loans into taxable income for 2018/19. Not declaring them won't change the taxable nature of the loans.
If the person isn't on HMRC's radar yet, they might not issue APNs or initiate legal action. But eventually they are likely to catch on to the scheme and then the users of the scheme. At that point, the users could face criminal/legal proceedings.
Doing nothing isn't advisable as this will probably catch up with you sooner or later. Do take professional advice and exercise one of the options you have to deal with it.

[Dharmin]

I've requested details to be emailed to me, that was on Friday and nothing yet. PTS also rang me and asked if I had made contact with Vanquish, I said I had and requested details of their proposal, PTS said they would chase for me. Wouldn't be at all surprised if PTS, Vanquish and AML all share the same office space.

I did email AML to send me all my loan details and was told they don't have, its weird as it was on my AML online portal when I used to be with them and now they don't have it, then was told to contact PTS, as they can provide my loan details. So this shows that AML has sold all the details to PTS/Vanquish.

AML , PTS m Vanquish are all the same they'll tell you all is fine not to worry and end will leave you in deep with no help , see what AML did at the end , many loyal customers were with AML 10yrs plus and now they worried about their future..

[Loan Ranger]

Where is the legislation that says it will become evasion if you do not declare it 31/01/2020?

Let's say you have outstanding loans of £100,000.

If you don't settle, then the LC deems it as though you earned an extra £100,000 on 5th April 2019.

If you don't declare this £100,000 through 2018/19 self-assessment, then it amounts to the same thing as failing to declare any other forms of income eg. income from a rental property.

[WTFH]

I am not HMRC and I do not deal with contractors.

So are you saying that your comments are made based on you not understanding the situation, or is it because you think giving out bad advice is a good thing to do?

[THISISWRONG]

The Loan Charge legislation will take your tax avoidance (trustee loan) and turn it into tax evasion. In April, you will incur a tax event on your outstanding loan and you will be required to declare it to HMRC by law, presumably through a self assessment.
Your physical location in the world won't change the tax event.
If you haven't filed a return declaring the loan amount by their deadline (31/01/2020), you will have become a tax evader.
Living in ROI won't protect you, nor will living in any country with whom the UK has an extradition agreement.
The question will be how much will you owe and how far will HMRC and the law enforcement authorities go to enforce tax evasion laws.
You may decide to chance it, but possibly may not have peace of mind, not knowing what's going to happen in the future.
The consistent advice on the forum and elsewhere is to not ignore the charge. You should discuss your options with a specialist advisor or with a lawyer.

https://www.taxation.co.uk/Articles/...and-punishment

Where is the legislation that says it will become evasion if you do not declare it 31/01/2020?

[DontSettle]

Care to share with us what your qualifications/expertise is that means you are so against settling?

I am not HMRC and I do not deal with contractors.