Vanquish Options - Opinions? (AML/Knox related)

[Retired not content]

Retired and concerned

I am with Nervous Newbie here, except for gaining the extra 4 years to pay tax, all well and good? But when on a limited pension and dwindling capital resources, personal savings will still be depleted calamitously and irreplaceable. 5% sounds far far more equitable than 45%? Additionally with my limited viewpoint, links by Vanquish to AML/Knox should demonstrate some trust and viability and that the explanation of transfer of loans to another body, which are then written off, sounds plausible, but again I am no Tax guru!!!

[Iliketax]

I am no Tax guru!!!

I am.

sounds plausible

No. It doesn't.

[phil@pmtc]

I am.



No. It doesn't.

Agreed, It really won’t work imo. As I’ve said to callers today, I’d rather people used competitors of mine ahead of buying into a scheme to get out of a scheme. I wish I was wrong for everyone’s sake but I’m not. There is no miracle solution I’m afraid.

[Runster]

I am.



No. It doesn't.

Gently, Iliketax, gently.

[Trees]

Agreed, It really won’t work imo. As I’ve said to callers today, I’d rather people used competitors of mine ahead of buying into a scheme to get out of a scheme. I wish I was wrong for everyone’s sake but I’m not. There is no miracle solution I’m afraid.

Hi Phil. I’d like to contact you to ask you for some advice. Please can you tell what is the best way to contact you. Thanks

[THISISWRONG]

If you repay the loan to the trust, can you then take over the trust and use the funds in it?
e.g. could you repay it and buy art for example, or an investment etc.

[Splund]

Write Off

I am with Nervous Newbie here, except for gaining the extra 4 years to pay tax, all well and good? But when on a limited pension and dwindling capital resources, personal savings will still be depleted calamitously and irreplaceable. 5% sounds far far more equitable than 45%? Additionally with my limited viewpoint, links by Vanquish to AML/Knox should demonstrate some trust and viability and that the explanation of transfer of loans to another body, which are then written off, sounds plausible, but again I am no Tax guru!!!

Cant Knox/AML simply write off the loan? If I repay the Trust, then the Trust should refund my company which provided the funds in the first place. Writing off the debt would save any transactions having to be done?

[webberg]

Cant Knox/AML simply write off the loan? If I repay the Trust, then the Trust should refund my company which provided the funds in the first place. Writing off the debt would save any transactions having to be done?

Why would the trust refund your company?

The company entered into a legal agreement to make a contribution to a trust for the benefit of you.

If that loan is repaid, you remain the beneficiary.

Unless the contribution deed has refund clauses (unlikely) the funds - now cash - become yours in theory and that is an "earmarking" of funds which is a taxable event under Part 7A ITEPA.

A loan write off has the same effect.

Unfortunately simply unwinding the transaction is not going to reverse the tax effect but could result in double tax.

[TonyT]

Vanquish

Hi,

I too received a notification from AML recommending Vanquish.
I spoke to an independent adviser about this outfit and without hesitation told me that they are just another tax avoidance scheme.

Prior to contacting an adviser I did manage to speak with a representative from Vanquish regarding their services.

She explained the 3 options:

The Loan Charge, which will be brought in on the 6th of April next year, is unprecedented in its scope. Fortunately there are a number of options available to you. These options help to mitigate or eliminate the Loan Charge.

In summary, these are:

· Pay the “Loan Charge” by 31st of January 2020. This will typically cost 40-45% of the loan amount in tax; or

· Register for the “Contractor Loan Settlement Opportunity” before May 31st 2018 and make payments to HMRC within an agreed timescale. The timescale is usually 2-5 years from the date the settlement is agreed and typically will cost 25-35% of the loan sum in tax; or

· Repay your loan using our preferred loan repayment opportunity.

As indicated, your preferred option is the loan repayment opportunity, which enables your loan to be repaid before the April 6th 2019 deadline. This means that you should not be subject to the new Loan Charge legislation on this date. The arrangement will need to be completed in stages with implementation after the Pre Budget Report but before 6th April 2019.


For us to proceed, we need you to complete the attached Agreement Form, provide authority to the planning provider(s) to provide us with the details of your loan(s) outstanding and to pay your initial fee of £250.

This fee should be paid electronically to:

Santander UK Plc. Sort Code: 09-02-22. Account Number: 10448391

Thank you for contacting us and I hope that I have been of assistance to you. If you have any further questions regarding the options and the Loan Charge please do not hesitate to contact me on 0203 740 3876.


I tried quizzing her about the loan write off to which she was very vague about and refused to give me any details regarding how it worked.

I would very wary of Vanquish and upset with AML for referring them to me considering the financial problems I am faced with.

I hope this helps.

Hi all,

Today's AML/Knox emails have put the wind up me and probably many others today. Within the emails there was an option proposed under Vanquish Options.

I called them earlier to understand their proposal (details are light) and it just seems somewhat too good to be true.

On the phone they described the mechanism as effectively Vanquish paying off the loan amount and taking ownership of the loan under a different vehicle which was seemingly not within the scope of the legislation (yet?!).

Effectively I was told a 5% payment of the total loan amount is what would jump the immediate hurdle of LC19.

I note that the website was registered via WHOIS on 2X/03/18 and that their IoM based, just like Pts-tax.

Has anybody more information on this and can anybody shed any light on the possibility of something like this working? To me is seems slim indeed.

[/B][/U][/B]

[WalterWhite]

Hi,

I too received a notification from AML recommending Vanquish.
I spoke to an independent adviser about this outfit and without hesitation told me that they are just another tax avoidance scheme.

Prior to contacting an adviser I did manage to speak with a representative from Vanquish regarding their services.

She explained the 3 options:

The Loan Charge, which will be brought in on the 6th of April next year, is unprecedented in its scope. Fortunately there are a number of options available to you. These options help to mitigate or eliminate the Loan Charge.

In summary, these are:

· Pay the “Loan Charge” by 31st of January 2020. This will typically cost 40-45% of the loan amount in tax; or

· Register for the “Contractor Loan Settlement Opportunity” before May 31st 2018 and make payments to HMRC within an agreed timescale. The timescale is usually 2-5 years from the date the settlement is agreed and typically will cost 25-35% of the loan sum in tax; or

· Repay your loan using our preferred loan repayment opportunity.

As indicated, your preferred option is the loan repayment opportunity, which enables your loan to be repaid before the April 6th 2019 deadline. This means that you should not be subject to the new Loan Charge legislation on this date. The arrangement will need to be completed in stages with implementation after the Pre Budget Report but before 6th April 2019.


For us to proceed, we need you to complete the attached Agreement Form, provide authority to the planning provider(s) to provide us with the details of your loan(s) outstanding and to pay your initial fee of £250.

This fee should be paid electronically to:

Santander UK Plc. Sort Code: 09-02-22. Account Number: 10448391

Thank you for contacting us and I hope that I have been of assistance to you. If you have any further questions regarding the options and the Loan Charge please do not hesitate to contact me on 0203 740 3876.


I tried quizzing her about the loan write off to which she was very vague about and refused to give me any details regarding how it worked.

I would very wary of Vanquish and upset with AML for referring them to me considering the financial problems I am faced with.

I hope this helps.





[/B][/U][/B]

Are you sure this Vanquish company aren't just AML under a different guise?