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AML 2019 Loan Charge

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    Originally posted by jrock View Post
    Hi Webberg,

    In all fairness yourself and other advisors have been (and still are) very helpful it offering help to this saga, but i must say that i believe the vast majority of us affected will have little option but to use the remortgage route to help settle this burden.

    Its may be that HMRC cannot force you to sell your house, but what alternative do we have to raise funds to settle (or part settle + TTP arrangements). We find ourselves in a position where if we waited until April 2019 we will be taxed at such a high rate that we wont be able to pay our mortgage and will subsequently lead to reposession! With Kids involved im not willing to let this happen. Im not sure how any debt charity can sort this out either.

    HMRC haven't given much info on the matter that is of any good to those affected, where have they said they cant force you to sell your house because indirectly their actions can lead to this outcome. Most of us want an end to this and move on with our lives, the long litigation route just delays this, i would love to pursue a litigation route but the 31st May deadline \ 2019 Loan charge is backing us into a corner to find any means possible to raise funds and pay up.

    And in the meantime scheme providers are washing their hands and trying to squeeze additional funds from us when they get off scot free!
    When I spoke with Step Change I found out that one of my options is a Debt Payment Plan under a Debt Arrangement Scheme (I'm in Scotland). It's a form of insolvency but not as sever as sequestration (bankruptcy). My home would be protected (phew), my creditors could not apply any more charges or interest to my debt, and I could repay over a number of years. HMRC can reject the DPP but as long as the repayment timeframe is reasonable (say around 5 years) the insolvency practitioner can over rule HMRC and tell them to suck it up buttercup.

    Comment


      Worth signing this petition if you oppose the 2019 Loan Charge

      https://petition.parliament.uk/petitions/218582

      Comment


        Thanks everyone - I’ve just read through this whole thread while ignoring the Arsenal match this evening! I didn’t miss much.

        I also got such emails from KT/ SmartPay last week - been trying to stay calm and positive (not always successfully). Have already rang a couple of independent Tax Advisors, and am going to get the perspectives of a couple more.

        Through AML/SP and other similar schemes I could have a large liability - settlement is an option I’m seriously considering yet I’ve never had an enquiry from HMRC.

        I’m in this on my own ie I’m not married and have no kids. In some ways this makes it easier for me I imagine as I’m only impacting myself, but in other ways I’m alone in dealing with it. Might be good to just chat through with someone else in similar position (encourage each other rather than advise each other).

        Anyway, good luck everyone

        Comment


          Originally posted by jrock View Post
          Worth signing this petition if you oppose the 2019 Loan Charge

          https://petition.parliament.uk/petitions/218582
          I agree with the intent of the petition, but isn’t there a risk your details would just be passed to HMRC to look into you if you sign it?

          Comment


            Piebaps lets clarify some issues here.

            While i appreciate your sentiments about keeping people on the straight and narrow you should be mindful that many many people on this forum are really up sh i a t creek with VERY FEW options . The HMRC nor AML are playing straight at all and using ordinary peoples lives in a game of chess. That both of these bodies are not playing a far from fair/ straight game should not be forgotten in a persons personal estimation of their subsequent choices.


            There are a large number of people in a desperate situation.
            Some about to lose their home, their marriage, bankruptcy etc
            Some are suicidal and openly discussing this on the forums
            Many many more ( a high majority it would seem) are suffering with severe mental & emotional heath issues due to the the HMRC imposing an unfair retrospective tax.
            AML & HMRC playing a devils game with ordinary individuals and families lives.

            If a person was in the position where they had options at their discretion to keep the family home afloat with their with wife/ husbands kept in it and it also kept them from contemplating or acting on suicide they would be foolish not to evaluate the risks and consider taking that option.

            Personally im in the fortunate position i can settle. Others are facing what seems to them like a literal death sentence. I know how desperate they must be. Lets not close options for them. Agreed though they muse are aware off the potential outcomes and then evaluate.

            The professional tax advisers ( im not sure you are one) are greatly appreciated on here and their input in invaluable but lets be mindful of the game some find themselves in. Lets not unnecessarily frighten those who are caught in the HMRC/AML headlights. Many as i expressed above are at or on the edge.



            Lastly without spending hrs researching the outcomes oneline for evidence i would suggest there will be next to Zero cases of a person borrowing i.e an extra £30k on their mortgage to improve their property and then subsequently spending it on a 2nd hand or new car. Infact it likely this activity happens all the time with no consequence and it only on a forensic finical investigation ( due to proceeds of crime where your a known drug dealer for example) that such activities would ever come to light. Obviously there will be some exceptions.

            While no one is suggesting that anyone should break the law its clear the options many are facing leave the rules and operational risks and their choice of borrowing money open to interpretation.
            Sometimes its better to say nothing or leave a space piebaps .........

            Nobody said life would be fair and we are dealing with what we are dealing with. Playing by the rules all the time is not always the best or practical option especially when your dealing with crooked players who change the rules as it suits and appear with a hand of magically powerful cards.

            Britain is full of bent banks and governmental bodies dont just take my word for it.

            https://www.independent.co.uk/voices...-a6841636.html
            Originally posted by piebaps View Post
            Webberg has already cautioned about mortgages and I think I did in another thread.

            This link should help https://www.inbrief.co.uk/property-law/mortgage-fraud/

            The bank may not audit however there's a duty to disclose all relevant information. Be careful and don't convert a civil tax debt into a criminal fraud conviction.

            Comment


              All fair comment dot com.

              Comment


                Spot on DOT COM. There is no fraud committed, it is just additional borrowing at a lower interest rate, provided you can make the repayments the banks rarely give a sh*t .. The frauds mentioned in that URL provided is on a larger, more devious scale than us trying to get out of a very very deep hole.

                Comment


                  Write-off of Loans

                  Hi, new joiner here.

                  Thanks to everyone for their contributions on this matter - it is certainly something that could have been made more clear by HMRC, and to retrospectively change the rules in this way raises a lot of questions about the motives of this new legislation.

                  From what I've gathered in reading the full thread, settlement of tax on loans seems to be the only option. With that though, how exactly are the Trusts or others proving they have legitimately written off the loans? What is the prevention of settling tax on loans and then the loans are still 'live' and are later recalled?

                  And what happens to all those folks who have moved overseas now?

                  Comment


                    You could always say the £30k is for a holiday in Vegas.

                    Comment


                      I’m considering Crowd Funding to help pay for my settlement - just need to work out how best to position it...

                      Needs to be good as we’ve a few hundred thousand to raise!

                      [btw I’m not serious]

                      Comment

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