AML 2019 Loan Charge

[ozzyo99]

Bad day...

Hi all, just registered here having received emailed form AML and Knox this morning.

It's the first I have heard of this (was in the scheme 2011-2014) and I'm unaware of any tax enquiries that have come my way thus far.

I've not been a contractor for a few years now and now have 2 kids and have just moved house, this, quite literally couldn't have arrived at a worse time. My loan amount from what I can gather is just over 200k.

I've spoken to PTS who was mentioned in the email, who advise that I should register for settlement (although that will immediately place a cross-hair on me) and allow PTS to negotiate on my behalf, or, Vanquish Options that was mentioned in the Knox letter which proposed settlement (likely 25-35% of the loan amount) or an option to move the loan to another vehicle and for basically 10% which would side-step the legislation (this time).

I also just spoke with a lady from WTT after seeing webber post, I'd very much welcome some additional help or conversation!

I'm very scared right now and the tail is firmly between my legs... wanted the best for my family, and now feel as though I have sabotaged them.

[Loan Ranger]

Vanquish option?

Anyone care to share what it is.

Just curious at to what wizard wheeze they've come up with.

[ozzyo99]

Anyone care to share what it is.

Just curious at to what wizard wheeze they've come up with.

I spoke to them, apparently the plan would be to pay the loan from Knox and move it to another company which was not of Trust status - unsure of the technical aspects or particulars, the guy on the phone was talking at a very high level.

In my case (200K loan) it would equate to a 5% payment, this would apparently sidestep the legislation although clearly no guarantee nor cover for future tuning to the legislation.

It sounds a little too good to be true, much like the AML funding model I made the mistake of working with!

Thoughts?

[jrock]

1. Certainly some promoters are seeing an opportunity for fees for a long time. In defence of AML (and I'm not connected to them) they have stayed with their scheme and are going to litigation at their cost which is more than most.

2. The point is that if they win, perhaps - no guarantee - perhaps the LC 2019 charge will not arise. if you settle, then you exclude yourself from the result of a subsequent litigation decision, either way.

3. Paying the loan charge is not settling. HMRC will continue to seek agreement on earlier years. You need to do some careful calculations.

HMRC said yesterday to a Parliamentary Enquiry that they always will agree time to pay for taxpayers.

In practice, despite being told otherwise, we have not seen any agreements beyond 4 years under settlement or any other arrangement. Usually 24 months is a limit and going above that requires everybody in HMRC to agree to it.

AML have supplied no update on the tribunal for some time despite numerous email request for updates. I agree the early efforts by AML were good to bringing a case together in the first place but the whole saga hasnt been seen through (getting it to tribunal before the Loan charge kicks in / keeping ex users updated throughout).

HMRC's stating they always will agree time to pay for taxpayers is as useful as a chocolate teapot. To expect a bog standard contractor who used the scheme in the past based on 'fully compliant advertising' to be able to stump up 100k in 24months is nonsense.

Its looking ever more likely that i may have to just wait for the Loan charge 2019 to come into effect as i have no other alternative.

Rant over for now!

[ozzyo99]

Its looking ever more likely that i may have to just wait for the Loan charge 2019 to come into effect as i have no other alternative.

Rant over for now!

But how will that help you? Surely you'll be hit with a 45% bill to be paid by Jan 2020?

[jrock]

But how will that help you? Surely you'll be hit with a 45% bill to be paid by Jan 2020?

Not saying that will help me in any way! it just seems like the only option I need to face once it arises. I can’t pay back £100k (I’m guessing amounts) in 24months on top of paying bills.

[jrock]

I spoke to them, apparently the plan would be to pay the loan from Knox and move it to another company which was not of Trust status - unsure of the technical aspects or particulars, the guy on the phone was talking at a very high level.

In my case (200K loan) it would equate to a 5% payment, this would apparently sidestep the legislation although clearly no guarantee nor cover for future tuning to the legislation.

It sounds a little too good to be true, much like the AML funding model I made the mistake of working with!

Thoughts?

So basically pay 5% (in your case £10k) and all sorted. Must say sounds too good to be true!

I’d be interested to see on here how many ex aml users have chosen the Vanquil or PTS route.

Insolvency is another option but that could lead to having to sell the house.

[Runster]

Same here

Hi all, just registered here having received emailed form AML and Knox this morning.

It's the first I have heard of this (was in the scheme 2011-2014) and I'm unaware of any tax enquiries that have come my way thus far.

I've not been a contractor for a few years now and now have 2 kids and have just moved house, this, quite literally couldn't have arrived at a worse time. My loan amount from what I can gather is just over 200k.

I've spoken to PTS who was mentioned in the email, who advise that I should register for settlement (although that will immediately place a cross-hair on me) and allow PTS to negotiate on my behalf, or, Vanquish Options that was mentioned in the Knox letter which proposed settlement (likely 25-35% of the loan amount) or an option to move the loan to another vehicle and for basically 10% which would side-step the legislation (this time).

I also just spoke with a lady from WTT after seeing webber post, I'd very much welcome some additional help or conversation!

I'm very scared right now and the tail is firmly between my legs... wanted the best for my family, and now feel as though I have sabotaged them.

Ozzy - you just described exactly how I feel in your last paragraph. I too have young children, but I’ve let myself be dragged into this nonsense for I think 6 years, not that that’ll be any consolation. I’ve just registered also.

[regron]

So basically pay 5% (in your case £10k) and all sorted. Must say sounds too good to be true!

I’d be interested to see on here how many ex aml users have chosen the Vanquil or PTS route.

Insolvency is another option but that could lead to having to sell the house.

Exactly... could, not would.... do plenty of research. It all depends on your personal situation with regards to assets and what industry you work in when weighing this up as an option.

[Davemcc11]

I received similar email this morning.
Phoned AML they said they know nothing about the emails but to follow the link.
Phoned Knox House they said PTS was part of the Knox group!
PTS phoned me and strongly denied they are part of the Knox group. PTS want a £250 registration fee, £500 fee for collecting all the information, which they already have as email says AML have appointed them to act on their behalf. Plus they want a 15% fee of the difference settlement fee and tax amount.

AML have basically washed their hands of this