I’m feeling rather repetitive saying it but as I’ve been asked on above posts...settlement is final. For my reasoning Just read the longer posts by iliketax on the matter as I agree with it all. In my opinion it’s not even close to being debatable, it’s not a grey area, settlement is final.
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Trust Fees for settling loans
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Originally posted by webberg View Post1. The quotes remain true and the posts above discuss what happens if you do NOT have the loan dealt with at the time of settlement.
If so, where does this leave those that settled under CLSO1 ? For this, there was no stipulation that the loan had to be taken care of, so are they just stuffed if this tax does apply ?Comment
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For the record, I have no issues with the way that 554Z5 is meant to work.
I believe that HMRC should also have no issues with the way it's meant to work.
Why then does HMRC refuse to include in the wording to a settlement agreement a guarantee that dealing with the loan outside the period mentioned in the agreement, will not create a new charge?
If it's all so simple and I'm seeing bear traps where there are none, why can I not persuade HMRC to include the words I want to give certainty?
I'm long past trusting HMRC an inch in this space and tired of hearing from them what they think Parliament intended and how that can magically change a few years later. I want to see written proof.Best Forum Adviser & Forum Personality of the Year 2018.
(No, me neither).Comment
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Originally posted by Iliketax View PostNo thank you.Comment
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All very confusing.
I've been categorically told by somebody who has settled that IHT is included in the settlement figure. Yet all the advice on here suggests it is not. Who to believe...Comment
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Originally posted by RickG View PostAll very confusing.
I've been categorically told by somebody who has settled that IHT is included in the settlement figure. Yet all the advice on here suggests it is not. Who to believe...STRENGTH - "A river cuts through rock not because of its power, but its persistence"Comment
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Originally posted by regron View PostFirst I've heard. I have had 2 settlement offers now. One for CLSO1 and one for CLSO 2. Both stated whether they thought IHT was applicable, but that would be decided by the IHT team once the loans were released. The Counter Avoidance team cannot give you IHT figures. That has to be done by the specialist IHT team post settlement. Maybe they were told no IHT was due once they involved them which has muddied the waters.
I wonder if it is scheme specific.Comment
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IHT due only on death?
Sorry if this is also covered elsewhere, but my understanding of IHT is that it is only due from a person's estate upon their death. Correct?
If so, then why would it be chargeable now in the event of a loan write-off?
Also, isn't there a 7 year window when any liability (in the event of a large cash gift) should expire - wouldn't the write-off be classed as such a windfall / gift?Comment
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Originally posted by howcanigetyoualoan View PostWhy is that - because legislation is unclear or some other reason?Comment
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Originally posted by Dmac View PostSorry if this is also covered elsewhere, but my understanding of IHT is that it is only due from a person's estate upon their death. Correct?
Have a read of this: https://www.gov.uk/government/public...nheritance-taxComment
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