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AML 2019 Loan Charge

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    #11
    Originally posted by jrock View Post
    Hi, I received this communication from AML today in relation to the 2019 Loan Charge.

    Upon reading it does appear that AML are shifting liability and advising ex users to contact 3rd party services for advise!

    - Has anyone else had contact with AML recently and can anyone recommend next steps?

    - Does anyone know how the 2019 Loan Charge works in relation to those who have APNs issued but these have been put on hold pending tribunal and witness statements issued for hardship?

    Copy of communication below




    —-
    The purpose of this email is to bring to your attention all the options that are available to you concerning the Loan Charge legislation introduced by HMRC, which will take effect from April 2019.

    As a recipient of a third party loan you will be caught by this punitive legislation and should take remedial action to mitigate your liability without delay. At the time the loans were made, they were within the tax legislation and not taxable. However, the new ‘Loan Charge’ legislation has been made retrospectively and you will be subject to the full force of this legislation when it takes effect in 2019.

    If you have an ongoing Enquiry with HMRC, you may already be in communication with AML Tax who were appointed to deal with the Enquiries on your behalf. AML Tax is continuing to, and are committed to, working with HMRC and defending the arrangements in the First Tier of the Tax Tribunal where relevant. AML Tax will continue this extensive work in relation to enquiries only. You will have received an email from Knox House Trust, the Trustees of the trust that holds your loan. They have outlined 2 options to mitigate the 2019 Loan Charge; Settlement or Repayment. They cannot offer assistance and have suggested the services of contractor specialist PTS Limited, who can assist with these 2 options. There is no disadvantage to registering your interest in a settlement, however it must be done before 31 May 2018.

    We would like to draw to your attention that there are further alternative options available. Vanquish Options can provide a mechanism to repay your existing loan which meets the requirements of the Loan Charge legislation and is supported by Tax Counsel opinion. Examples of the financial impact of each option are available. Please take time to review their website and contact Vanquish Options on 0203 740 3876. Taking no action will not avoid the 2019 Loan Charge.

    ——
    Unless it’s agreed by HMRC I’d approach with extreme caution!

    Comment


      #12
      Originally posted by WTFH View Post
      A bit more digging...

      PTS Limited have been around since June 2016. Their address is 20 Finch Road.

      Just to give you an idea of where 20 Finch Road is:

      It's the door on the far right, kinda bolted on to the side of 16-18 Finch Road, a place known as "Knox House"
      Thanks, as a bystander I find this stuff intriguing. I wonder how these people can ever sleep at night. I guess that applies to those gullible enough to involved in these schemes in the first place too, I suppose.
      Public Service Posting by the BBC - Bloggs Bulls**t Corp.
      Officially CUK certified - Thick as f**k.

      Comment


        #13
        Originally posted by Fred Bloggs View Post
        Thanks, as a bystander I find this stuff intriguing. I wonder how these people can ever sleep at night.
        Quite easily - they date Tory peers
        https://www.dailyrecord.co.uk/news/s...d-13m-11107019
        …Maybe we ain’t that young anymore

        Comment


          #14
          Originally posted by WTFH View Post
          Quite easily - they date Tory peers
          https://www.dailyrecord.co.uk/news/s...d-13m-11107019
          I suppose the hoi polloi have never been that bothered where the moolah comes from as long as there's lots of it. There must be a great book waiting to be written about all this that has happened the last decade or so. It would make amazing reading about how people got stinking rich by preying on gullible people while the government stood by, those same people based off shore paid no tax, HMG/HMRC did nothing for years on end, then lets the stinking rich tax dodgers go on their merry way while taxing the gullible people to death, in some cases, quite literally.
          Public Service Posting by the BBC - Bloggs Bulls**t Corp.
          Officially CUK certified - Thick as f**k.

          Comment


            #15
            Originally posted by Fred Bloggs View Post
            OMG! A scheme to fix a scheme! And approved by counsel opinion. What could ever go wrong?
            What is going to happen to all of these companies after 2019?

            Are they just having one last suck of the teat?
            "I can put any old tat in my sig, put quotes around it and attribute to someone of whom I've heard, to make it sound true."
            - Voltaire/Benjamin Franklin/Anne Frank...

            Comment


              #16
              Originally posted by cojak View Post
              What is going to happen to all of these companies after 2019?

              Are they just having one last suck of the teat?
              I doubt it. Whilst there are a such things as taxes, there will be people wanting to avoid/evade it. There will never be a shortage of those people, hence there will never be a shortage of other people wanting to cash in on the opportunity. I think this is likely the second or third oldest "profession" in the world. It isn't going away anytime soon. As a bystander, I expect there to be much more to come yet on these stories.
              Public Service Posting by the BBC - Bloggs Bulls**t Corp.
              Officially CUK certified - Thick as f**k.

              Comment


                #17
                Originally posted by Fred Bloggs View Post
                I doubt it. Whilst there are a such things as taxes, there will be people wanting to avoid/evade it. There will never be a shortage of those people, hence there will never be a shortage of other people wanting to cash in on the opportunity. I think this is likely the second or third oldest "profession" in the world. It isn't going away anytime soon. As a bystander, I expect there to be much more to come yet on these stories.
                I imagine HMG will turn their attention to contractors next, not too hard to spin dividends etc. as robbing the NHS of hard needed funds. Now they've got a taste for retrospection, who knows what they'll do next.

                Comment


                  #18
                  Originally posted by phil@dswtres View Post
                  Unless it’s agreed by HMRC I’d approach with extreme caution!
                  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!

                  Comment


                    #19
                    Contact Trustees

                    Originally posted by jrock View Post
                    The AML (Knox House Trustees) sent me another email yesterday with a link to register my interest to settle.

                    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!
                    AML has already informed you that Knox House Trust, is the Trustees of the trust. So you need to contact them, ask for the statement of the outstanding loans for each year.

                    It should not be a secret as such. Under the Fin Act the trustee is meant to provide that info to you and to HMRC.

                    Comment


                      #20
                      Originally posted by jrock View Post
                      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!
                      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.
                      Best Forum Adviser & Forum Personality of the Year 2018.

                      (No, me neither).

                      Comment

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