Trust Loan Agreements (terms 5-10 years) what are our legal options? (no BG please)

[GUD]

I am in exactly the same boat for roughly that time period. PTS Ltd are also in IoM and I am not going to hand over any more cash to resolve this, as is Vanquish (Jack Murray who you all know and love, used to work for SP Management). I intend to go to HMRC directly.

I do have one question. If we settle on the tax for these loans over that period I am assuming the loan cannot be claimed back from KHT or SPM as the taxman has clearly seen this as income. Is this correct?

HMRC may require us to ask Trust to write off the loan as a settlement condition. Further, it will be subject to inheritance tax which we then have to pay as well. Has anyone used Bedrock company for settlement?

[GUD]

Hi, I was told today that some scheme are transferring the clients to new schemes and amending the agreements to avoid 2019 loan charge. SP Management is offering this solution to existing clients but not to the old clients as they don't receive business from us anymore!

I spoke to SP Management today that why they are not offering new solutions to us and they mentioned because you were dealing with old SP Management company which is closed now. They have opened a new company with same name but in different country! Looks like there is a solution to avoid loan charge but we have not been offered as they don't want any cost from old clients. How unethical!

[GUD]

HMRC may require us to ask Trust to write off the loan as a settlement condition. Further, it will be subject to inheritance tax which we then have to pay as well. Has anyone used Bedrock company for settlement?

Hi, could you please PM your details. I contacted HMRC yesterday and received the settlement pack. We can work together to get it done directly without using doggy PTS and Vanquish.

[GUD]

sign petition

Worth signing this petition if you oppose the 2019 Loan Charge. We need minimum 10,000 signatures.

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

The personal data of petitioner will not be published. Please do not worry about your details, a big IF, shared with HMRC. Don't forget that the scheme provider is going to pass your details anyways in Sep 2019.

[mayfire]

Has anyone actually had their loans settled yet?

Can find no examples of loans being successfully written off.

[pateen]

Worth signing this petition if you oppose the 2019 Loan Charge. We need minimum 10,000 signatures.

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

The personal data of petitioner will not be published. Please do not worry about your details, a big IF, shared with HMRC. Don't forget that the scheme provider is going to pass your details anyways in Sep 2019.

Still only at 1400 odd signatures.

No sympathy it seems

[spuddytat35]

could you help me too please

I was also with SP Management ...im utterly devastated and no idea really what this all is...i simply dont understand it. i feel very depressed about it all.

Hi, could you please PM your details. I contacted HMRC yesterday and received the settlement pack. We can work together to get it done directly without using doggy PTS and Vanquish.

[LandRover]

I was also with SP Management ...im utterly devastated and no idea really what this all is...i simply dont understand it. i feel very depressed about it all.

Understand the feeling of despair, may i suggest getting connected to like minded people, there is tremendous help from the likes of LCAG.

https://www.hmrcloancharge.info/

[Aki1]

Hi - I could do with some advice please - I received an ACN in Jan 2015 in relation to a loan scheme i was in as a contractor for year 20011/2012 - I got legal advice from a Tax Advisor and paid a significant sum of money for that advice - i made full disclosure of all the loans I had received and they were liaising with HMRC on my behalf.

I have heard nothing from HMRC since then - am still awaiting details of what the agreement was under CLO1 - I only happened to hear about the latest changed from HMRC via a colleague - I could do with some urgent advice please as I am a wreck at the moment

[me206et]

Hi - I could do with some advice please - I received an ACN in Jan 2015 in relation to a loan scheme i was in as a contractor for year 20011/2012 - I got legal advice from a Tax Advisor and paid a significant sum of money for that advice - i made full disclosure of all the loans I had received and they were liaising with HMRC on my behalf.

I have heard nothing from HMRC since then - am still awaiting details of what the agreement was under CLO1 - I only happened to hear about the latest changed from HMRC via a colleague - I could do with some urgent advice please as I am a wreck at the moment

Phone HMRC. On the cslo number. They reply and can be helpful.