AML 2019 Loan Charge

[jrock]

Bear in mind that the lender will be obliged to report to HMRC the value of loans for the purposes of the DR Charge and will therefore have that data and in theory at least, no reason why they should not share it with you.

After all if they eventually want to collect on the loan they will have to tell you how much you owe?

Whether you pay or not is of course an entirely different question.

Thanks Webberg.

I have requested the figures from the trustees and hope to get a response back. Once i have this I can then calculate my liability for all financial years.

I still need to see what service PTS are offering and what terms i.e. fees to simply send my loan amounts to HMRC which i can do.

[webberg]

Thanks Webberg.

I have requested the figures from the trustees and hope to get a response back. Once i have this I can then calculate my liability for all financial years.

I still need to see what service PTS are offering and what terms i.e. fees to simply send my loan amounts to HMRC which i can do.

If the trustee is reluctant you can always ask the IOM Regulator to chivvy them along.

I obviously can't comment on PTS. There are a number of advisers in this space or as you say, you can do a lot of it yourself.

[burnside]

The AML (Knox House Trustees) sent me another email yesterday with a link to register my interest to settle. If i was to register my interest before the 31st May i could do this in two ways 1)directly via HMRC or 2) via PTS.

I'm dubious about the PTS option and they may impose fees for the privilege of contacting HMRC on my behalf. As AML/PTS have all my historic loan amounts for all years concerned, it would be easier for them to register my interest. If i contact HMRC directly myself i need all the information i.e. loan amounts and i dont have these and cannot get them from AML/PTS.

Its all a mess and im losing the plot!

There is no may about it. This is what PTS sent me in relation to fees;

Engagement/Joining Fee - £250
Preparation & Submission of Settlement documents to HMRC - £500
15% on any saving achieved in the final settlement

[falling apart]

Having received the same emails from AML yesterday, I feel like my world is falling apart and not sure if reading everything I've read so far helps or makes me more stressed - both I suppose.

Is there really nothing that can be done to fight the retrospective ruling? I.e. what would it take to get someone with power to see the sense in overturning the decision to backdate? Surely someone understands the damage that this is going to do for those impacted - now and down the line, not to mention the dangerous precedence being set.

Is anyone exploring this at all or are we resigned to our "options" of settlement/repaying the loan...?

[jrock]

There is no may about it. This is what PTS sent me in relation to fees;

Engagement/Joining Fee - £250
Preparation & Submission of Settlement documents to HMRC - £500
15% on any saving achieved in the final settlement

This is unbelievable! AML originally stated they would help ex clients and now their subsidiary PTS wants fees for sending HMRC simple information.

I would like to see how much this saving could be and what they classify as a saving. I need to weigh up what I can do myself directly with HMRC but need the loan amounts which I’m waiting for.

Have any other ex AML users decided to use PTS rather than directly contacting HMRC? Successfully received historic loan amounts from AML?

[Genesis]

This is unbelievable! AML originally stated they would help ex clients and now their subsidiary PTS wants fees for sending HMRC simple information.

I would like to see how much this saving could be and what they classify as a saving. I need to weigh up what I can do myself directly with HMRC but need the loan amounts which I’m waiting for.

Have any other ex AML users decided to use PTS rather than directly contacting HMRC? Successfully received historic loan amounts from AML?

I'm in the same boat, having used AML since 2013.

What I'm struggling to get my head around is that, when signing up to this scheme, they assured me that the PBT was different to the EBT plan and was above board. Now HMRC have moved the goalposts, it seems AML are quite happy to wash their hands of us.

The Rangers big tax case went in favour of HMRC did it not? So the liability fell on the company as opposed to the loanee? But in this case, it seems like the other way around? Surely the proving of the scheme (ie AML or whoever), have some degree of liability here? I can't understand for the life of me how it seems reasonable for the contractor to have to stump up all the charges (be that paying back the loan or paying HMRC the taxable element through settlement) and yet AML get off scot free. Or am I missing something very obvious here?

Utterly depressed by this news which I only received by email yesterday.

[Worried 72]

Thanks Webberg.

I have requested the figures from the trustees and hope to get a response back. Once i have this I can then calculate my liability for all financial years.

I still need to see what service PTS are offering and what terms i.e. fees to simply send my loan amounts to HMRC which i can do.

Hi, i've just received the emails this morning and in a state as to what to do. Who exactly was it you contacted at AML to get the figures back as i will need to do the same?

[webberg]

Hi, i've just received the emails this morning and in a state as to what to do. Who exactly was it you contacted at AML to get the figures back as i will need to do the same?

You may be a little discombobulated here?

I am not an AML client and whilst I have seen the email as it was sent to a number of our clients, almost all of ours have their loan values.

I suggest that in the first instance you go back to the emailer and ask them to give you the data and/or an address to contact.

[Worried 72]

This is unbelievable! AML originally stated they would help ex clients and now their subsidiary PTS wants fees for sending HMRC simple information.

I would like to see how much this saving could be and what they classify as a saving. I need to weigh up what I can do myself directly with HMRC but need the loan amounts which I’m waiting for.

Have any other ex AML users decided to use PTS rather than directly contacting HMRC? Successfully received historic loan amounts from AML?

I was an AML client and i received the 2 emails this morning from them and Knox House Trust giving the various options eg Vanquish / PTS etc. I need to get the loan amounts for myself, as such do you know if it would be Knox House i contact rather than AML?

[TomG]

loan agreement terms

This is unbelievable! AML originally stated they would help ex clients and now their subsidiary PTS wants fees for sending HMRC simple information.

I would like to see how much this saving could be and what they classify as a saving. I need to weigh up what I can do myself directly with HMRC but need the loan amounts which I’m waiting for.

Have any other ex AML users decided to use PTS rather than directly contacting HMRC? Successfully received historic loan amounts from AML?

Guys,

just out of curiosity....

What were the typical terms of years on the loan agreement with AML 10 years?
Also is it interest free for those years or do they charge interest on loan and how much per annum?