AML 2019 Loan Charge

[dammit chloe]

That comes across as a bit condescending, although perhaps not intended to be so ;-) I have been following the LCAG website and general press, so am aware of LCAG's profile and the considerable efforts it is making to see justice done around the 2019 Loan Charge. However, so I can learn more about LCAG before I sign up (perfectly reasonable, don'tcha think?), I would like to be able to correspond with someone who is perhaps the co-ordinator of membership. So, hopefully I will receive a PM in this regard

It's more about what you can do for LCAG really. It is not a club with benefits as such, it's a volunteer group that helps co-ordinate actions against the LC.

The membership fee is required to cover political lobbying advice, some marketing and APPG expenses.

Additionally we are looking for contributions to the Judicial Review. Advice behind this will only be available to those who contribute.

As for reasonable, maybe but only barely. There is plenty of information to read and see on what is being done by LCAG. It is clearly a political lobbying group not a dinner club or gym.

If there is one thing that is guaranteed to put backs up though it is people who expect others to solve their problems while taking no action themselves.

[Specsgalore]

LCAG..........Surprised to be honest that you need to ask the question if you have been monitoring what has been happening.

That comes across as a bit condescending, although perhaps not intended to be so ;-) I have been following the LCAG website and general press, so am aware of LCAG's profile and the considerable efforts it is making to see justice done around the 2019 Loan Charge. However, so I can learn more about LCAG before I sign up (perfectly reasonable, don'tcha think?), I would like to be able to correspond with someone who is perhaps the co-ordinator of membership. So, hopefully I will receive a PM in this regard

[Delendog]

I second this. I emailed LCAG and didn't get a reply.

I'm not criticising; I appreciate it's run by volunteers. But still interested in knowing more.

LCAG have driven the LC being challenged in Parliament all the press articles the setting up of the APPG against the LC the EDM - the list goes on. Surprised to be honest that you need to ask the question if you have been monitoring what has been happening.

[Bemi]

Would someone (preferably from within the LCAG) very kindly give me a summary of the benefits of joining LCAG? There is a joining fee of £150 so I believe and I have no issue in recognizing any organisation needs funds to fight a cause. However, I'd just like a really balanced view on what LCAG can do for someone like me.

I second this. I emailed LCAG and didn't get a reply.

I'm not criticising; I appreciate it's run by volunteers. But still interested in knowing more.

[Specsgalore]

Would someone (preferably from within the LCAG) very kindly give me a summary of the benefits of joining LCAG? There is a joining fee of £150 so I believe and I have no issue in recognizing any organisation needs funds to fight a cause. However, I'd just like a really balanced view on what LCAG can do for someone like me.

[dangermaus]

I'd also mention that as your settlement values have not yet been agreed, all options are on the table and you are not forced to accept settlement.

If it is the case that you choose not to settle and instead want to join Big Group, the fee you paid will be a credit against the Big Group fee, leaving just the difference to be paid.

(Apologies to admin if this has transgressed advertising guidelines.

As I'm sure everybody here knows, other advisers are available. Settlement is within the capability of any competent accounting/tax adviser. Litigation is within the competence of many advisers, tending perhaps towards the larger firms.)

Thanks for the quick response Graham.

I appreciate and respect that you do know your stuff when it comes to this subject (as much as anybody really can) and that among other things that must be going on behind the scenes, you give a lot of your time answering questions on this forum and giving your views which I’m sure helps put a lot of minds slightly more at rest which is difficult for us all given the circumstances.

I wasn’t told told about Big Group when I contacted WTT but then I did call indicating my intention of settling so that may be why it wasn’t mentioned at the time that it wasn’t a preferred route.

I will be waiting for figures from HMRC, hopefully in time or with an extension to the settlement deadline and then discuss with my designated advisor as to what the options are.

[webberg]

I'd also mention that as your settlement values have not yet been agreed, all options are on the table and you are not forced to accept settlement.

If it is the case that you choose not to settle and instead want to join Big Group, the fee you paid will be a credit against the Big Group fee, leaving just the difference to be paid.

(Apologies to admin if this has transgressed advertising guidelines.

As I'm sure everybody here knows, other advisers are available. Settlement is within the capability of any competent accounting/tax adviser. Litigation is within the competence of many advisers, tending perhaps towards the larger firms.)

[webberg]

Has anybody had any issues getting Knox House Trust loans written off post-settlement?

I’m still awaiting settlement figures from HMRC but want to get an idea of whether there is likely to be another hurdle to overcome after that.

Currently settling via WTT who unfortunately, despite me paying them a large sum to give me advice and assistance, haven’t once told me that settlement isn’t their recommended route. I’ve only found that out by reading a post by Webberg on these pages.

Maybe I should have asked when initially engaging with them if there were any other options they recommend.

As we've been mentioned, I'll respond.

We undertake settlement on behalf of a group of several hundred people. You are correct that we would prefer to litigate but that does not prevent us getting the best settlements we can.

To be clear, settlement is on HMRC terms. We do not get better or worse terms. We do spend a lot of time challenging technical and legal issues which in some instances leads to a reduction in settlement value. We also do our very best with a time to pay period.

All of this of course is based on having an HMRC response and despite claims to the contrary, HMRC is still way behind the curve in getting materials out.

Writing off a loan before settlement is a guaranteed tax liability under section 554C ITEPA. We therefore do not arrange loan write offs before the settlement is agreed.

We do speak with the trustees/lenders. In the case of AML, we do have very good relationships with the parties who claim to control the write off process and we have arranged that where appropriate. You will have been told that this is part of the service you paid for.

You will also have been told that settlement is not what Big Group does and if you came to us seeking settlement you would not be a member of Big Group.

"Paying a large sum" is a very subjective statement. I have no doubt that if you feel the fee we charge - fixed and not hourly based - is "large", then it is.

I do have an idea of what other firms have charged for the service and I am confident that we are very much at the bottom end of the scale.

You are of course entitled to raise the issues you have in any manner you wish.

I might suggest however that a conversation with my team here - and if you remain dissatisfied - with me, is more likely to give you the answers you seek?

Please PM/call me.

[here4beer]

Has anybody had any issues getting Knox House Trust loans written off post-settlement?

I’m still awaiting settlement figures from HMRC but want to get an idea of whether there is likely to be another hurdle to overcome after that.

Currently settling via WTT who unfortunately, despite me paying them a large sum to give me advice and assistance, haven’t once told me that settlement isn’t their recommended route. I’ve only found that out by reading a post by Webberg on these pages.

Maybe I should have asked when initially engaging with them if there were any other options they recommend.

I noticed that post too. However I asked them to settle, and said i didn't want to fight by joining Big Group or anything like that. I'm fairly sure (almost certain infact) WTT would have mentioned Big Group option.

I wouldn't worry about getting the loan getting wrote off, the more i read into it the less I care. There will no doubt be some scare mongering as companies will being to offer services to 'fight the loan', and it's nice to tie a bow around the whole saga and move on with your life. But I think i'd rather use that money on taking my family on a big 'HMRC loan settled' holiday.

If you're settling with WTT, are they able to tell you how successful (or not) they've been with Knox House loan right offs?

[dangermaus]

Has anybody had any issues getting Knox House Trust loans written off post-settlement?

I’m still awaiting settlement figures from HMRC but want to get an idea of whether there is likely to be another hurdle to overcome after that.

Currently settling via WTT who unfortunately, despite me paying them a large sum to give me advice and assistance, haven’t once told me that settlement isn’t their recommended route. I’ve only found that out by reading a post by Webberg on these pages.

Maybe I should have asked when initially engaging with them if there were any other options they recommend.