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AML 2019 Loan Charge

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    AML 2019 Loan Charge

    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.

    ——

    #2
    PTS Limited are based in the Isle Of Man (no website and the domain owner is hidden)

    Vanquish Options have a website, which was registered on 27/03/18 by a design company... based in the Isle of Man.
    {emotionless greeting}

    Three Word Slogan

    Comment


      #3
      AML Tax!? Anti Money Laundering for a company name?!

      Comment


        #4
        "supported by Tax Counsel opinion"

        Where do I sign?

        Comment


          #5
          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.

          ——
          Would be good if an AML user could get details of the loan repayment solution and let us see what they propose

          Comment


            #6
            OMG! A scheme to fix a scheme! And approved by counsel opinion. What could ever go wrong?
            Public Service Posting by the BBC - Bloggs Bulls**t Corp.
            Officially CUK certified - Thick as f**k.

            Comment


              #7
              all they have to do is rename the company from

              Vanquish Options

              to

              Vanish Options

              job done :-)

              Comment


                #8
                Originally posted by WalterWhite View Post
                Would be good if an AML user could get details of the loan repayment solution and let us see what they propose
                I've requested details to be emailed to me, that was on Friday and nothing yet. PTS also rang me and asked if I had made contact with Vanquish, I said I had and requested details of their proposal, PTS said they would chase for me. Wouldn't be at all surprised if PTS, Vanquish and AML all share the same office space.

                Comment


                  #9
                  If we take a guess that the companies are related, then I'd expect the proposal(s) you get back will be a bit like this:
                  https://knoxhousetrust.com/2019-loan...on/#settlement

                  EXAMPLE CONTRACTOR SCENARIO
                  A contractor was involved in an arrangement from 2008/09 until 2010/11. They received a retainer each year equal to the Personal Allowance and loans of £50,000 in 2008/09, £60,000 in 2009/10 and £70,000 in 2010/11. They have had no enquiries or assessments from HMRC.

                  The contractor is now employed and is expected to be earning £100,000 a year in 2019/20 with tax deducted under PAYE.

                  Their total tax liability under the CLSO for the three years is around £50,000.

                  In comparison the loan charge would mean that on top of the tax due on the PAYE income, it will increase their tax liability for 2019/20 by £83,300.

                  Repaying the loan will cost £180,000.
                  {emotionless greeting}

                  Three Word Slogan

                  Comment


                    #10
                    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:
                    http://knoxgroupplc.com/wp-content/u...7/12/IOM11.jpg
                    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"
                    {emotionless greeting}

                    Three Word Slogan

                    Comment

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