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

[Loan Ranger]

Correct.

I'm no expert I'm afraid, but I have read the agreement thoroughly, and the loan is made from the Ltd company (now dissolved) and the loan is transferred to a trust setup by the Ltd company.

Sounds like a bit of a grey area.

HMRC will probably argue that the LC does apply because the loan is held by a 3rd party, even though the money was originally lent by the employer.

It might be worth clubbing together with others in the same boat and getting an independent legal opinion.

[Mrcurrey]

Not who but what ie. the DR legislation itself.

https://www.taxation.co.uk/Articles/...n-charge-rules

"The 5 April 2019 loan charge will apply to third-party employment loans..."

Unless hmrc has clarified this I think your find it's all loans which had a dotas number. And even if it didn't it will get caught up in the net. Just clarified this with a solicitor .

[Mrcurrey]

Unless hmrc has clarified this I think your find it's all loans which had a dotas number. And even if it didn't it will get caught up in the net. Just clarified this with a solicitor .

I also just checked with Phil. Unfortunaly it doesn't help

[Loan Ranger]

Just clarified this with a solicitor .

What sort of solicitor?

No disrespect to Phil but I'd want the opinion of a tax barrister for something like this.

[me206et]

What sort of solicitor?

No disrespect to Phil but I'd want the opinion of a tax barrister for something like this.

What like a QC.
Who appear to me to be in leagues with the crooks that got us into this mess in the first place. Imoo.

[RickG]

It might be worth clubbing together with others in the same boat and getting an independent legal opinion.

Easier said than done. The scheme promoter and the trustees are the only ones who could provide me with details of others.

Doesn't seem to be anyone on here with similar circumstances.

[Loan Ranger]

What like a QC.
Who appear to me to be in leagues with the crooks that got us into this mess in the first place. Imoo.

There are plenty of tax barristers and QCs who've had nothing to do with the schemes. In fact, many also represent HMRC, in litigation, as well as tax payers.

Has anyone ever seen a copy of the QC opinion for their scheme? Do you even know the name of the QC? All most people had was the say so of the promoter that they obtained an opinion and that it endorsed the scheme. The QCs may well have given caveats or identified risks that you were never warned about.

[starstruck]

Has anyone ever seen a copy of the QC opinion for their scheme? Do you even know the name of the QC?

Yes - Contracting Solutions/Horizon - Julian Ghosh QC, Pump Court Tax Chambers

[Loan Ranger]

Yes - Contracting Solutions/Horizon - Julian Ghosh QC, Pump Court Tax Chambers

You're in a minority.

[Mrcurrey]

You're in a minority.

Yep

https://www.taxchambers.com/barrister/robert-venables/

Kevin prosser and Richard vallat qc

All apparently checked scheme as fine