AML 2019 Loan Charge

[here4beer]

Hi all

I was wondering if anyone has seen this before.
I was with AML for 18 months, I am trying to settle with HMRC now. I have sent them my settlement details and have been sent back the final confirmation letter to sign.
On this letter out of the blue HMRC have now added on an Inheritance Tax calculation.

Has any one else seen this calculation added on? What is the deal with it?

I think (from what i've read) if you tick the box on the form you return to HMRC that says you're going to try and write off/release the loan, they will put on inheritance tax/IHT.

I don't understand why you'd pay it in advance, as having it released is out of your control. I guess if you cant get it released, you then show HMRC, and without any hesitation or delay they'll refund you instantly... hmm...

[esemi]

I think (from what i've read) if you tick the box on the form you return to HMRC that says you're going to try and write off/release the loan, they will put on inheritance tax/IHT.

I don't understand why you'd pay it in advance, as having it released is out of your control. I guess if you cant get it released, you then show HMRC, and without any hesitation or delay they'll refund you instantly... hmm...

So we shouldn’t be ticking that box on the settlement form then?

[here4beer]

So we shouldn’t be ticking that box on the settlement form then?

Depends if you want the loan wrote off? I'm not planning on spending tens of thousands of pounds to HMRC, all to have it possibly undermined by 'forgetting' to tick one box at the end. Yes its more money, but that's the deal

I will though ask my TA if we can leave it unticked, then if i can get it wrote off down the line - i'll tell HMRC that way round, and pay up. Not sure if that's allowed, so i'd need to ask. The whole IHT debacle seems to be another area that isn't 100% clear (who'd have thought...)

My only hope, is that in 10 years time, because I've played everything by the book, and come fwd to HMRC first -without investigation etc etc, it'll be like the PPI claims in years gone by. Where i should be able to claim money back because HMRC acted badly.

I was reading again on Lewis Hamilton (seeing he was in the news) about how he claimed £3.3mill VAT back on a private jet through IOM tax schemes, even fraudulently claiming the jet was for business only, despite instagraming his family on holiday on it. I still don't see anyone going after/bullying him. Anyway, I digress... IHT is one of my up and coming hurdles, although I'm using one of the well recommended TA's on here, so hopefully they'll hold my hand.

[esemi]

Depends if you want the loan wrote off? I'm not planning on spending tens of thousands of pounds to HMRC, all to have it possibly undermined by 'forgetting' to tick one box at the end. Yes its more money, but that's the deal

I will though ask my TA if we can leave it unticked, then if i can get it wrote off down the line - i'll tell HMRC that way round, and pay up. Not sure if that's allowed, so i'd need to ask. The whole IHT debacle seems to be another area that isn't 100% clear (who'd have thought...)

My only hope, is that in 10 years time, because I've played everything by the book, and come fwd to HMRC first -without investigation etc etc, it'll be like the PPI claims in years gone by. Where i should be able to claim money back because HMRC acted badly.

I was reading again on Lewis Hamilton (seeing he was in the news) about how he claimed £3.3mill VAT back on a private jet through IOM tax schemes, even fraudulently claiming the jet was for business only, despite instagraming his family on holiday on it. I still don't see anyone going after/bullying him. Anyway, I digress... IHT is one of my up and coming hurdles, although I'm using one of the well recommended TA's on here, so hopefully they'll hold my hand.

Please do keep us updated on what your TA says. If its possible I might contact HMRC and ask for the box to be unticked for now.
This has just added £4500 to my £29000 settlement and seems like another cruel blow. Adding some IHT to the calculation is just too much.

[ScottW]

Happy New Year.

Hopefully this can be a year where we all put this carry on behind us.

I am in the process of settling with HMRC and need to get the Loans written off.

Does anybody know where the Trustees of the ‘Knox House Trustees Limited - AML PCC Partners Benefit Trust’ can be contacted?

[webberg]

Happy New Year.

Hopefully this can be a year where we all put this carry on behind us.

I am in the process of settling with HMRC and need to get the Loans written off.

Does anybody know where the Trustees of the ‘Knox House Trustees Limited - AML PCC Partners Benefit Trust’ can be contacted?

Could do worse than start here?

Home | Knox House Trust | Corporate Service Provider Isle of Man

[webberg]

Happy New Year.

Hopefully this can be a year where we all put this carry on behind us.

I am in the process of settling with HMRC and need to get the Loans written off.

Does anybody know where the Trustees of the ‘Knox House Trustees Limited - AML PCC Partners Benefit Trust’ can be contacted?

Could do worse than start here?

Home | Knox House Trust | Corporate Service Provider Isle of Man

[ScottW]

Could do worse than start here?

Home | Knox House Trust | Corporate Service Provider Isle of Man

Thanks for prompt response. Much appreciated.

[AFLConsult]

AML Vanquish Options Loan Settlement Query - My First Post

Good afternoon,

I have recently joined after reading many of the posts and to say I am worried is an understatement!

I have been contracting for around 5 years between 2010 and 2015 and started using AML between late 2012 and 2015. In Oct 2015 I went PAYE with a permanent role.

I have had numerous enquires from HMRC re Self Assessments and then Counter Avoidance wrote to me and I gave disclosure of all AML payments/loans. I initially received several un-paid tax demands for 2013/14 and 2014/15 which were appealed and currently on hold.

As the Loan Charge was looming AML wrote to me giving me 2 options - repay the loan or settle with HMRC. They also gave me a link to 'Vanquish Options' who they said could assist. I had no idea who they are and only recently found out they are off-shore and based in Malta, trading under the name Option 365 Limited, Vincenti Buildings, 28/19 (Suite No. 1951), Strait Street, Valletta, VLT1 432 Malta. Incorporated in Malta. Registration Number C65412.

Late last year they contacted me purporting to offer a loan settlement facility with a fee calculated at a 5% of the outstanding loan.

It all sounded to good to be true, a bit like the AML sales pitch back in 2012.

My question for today is should I consider repaying the loan via this route - The outstanding loans are around the £390k mark making my Vanquish fee circa £20K. Vanquish have said that if the loan is repaid by end of March 2019 I will have no liabilities under the Loan Charge Legislation. If I look at settling with HMRC then I look to owe them around £156k and that will bankrupt me, even if they give me 5 years to repay. To me the £20k option looks good but my biggest worry here is "Will HMRC still come after me for the outstanding tax liability"? If so I will find myself ripped off to the tune of £20k for nothing and then have to repay the outstanding loan charges?

Does anyone have any ongoing experience of this and Vanquish or could offer a suitable direction?

Thanks in advance.

JK

[piebaps]

The search facility is your friend. Type in Vanquish and then read your way through the results.

This appears to be a good starting point https://www.contractoruk.com/forums/...light=vanquish