Trust help line email help!

[howcanigetyoualoan]

The link in #135 is useful.

What jurisdiction was the "loan" made in?
What jurisdiction are you resident in?

Anyone wanting to recover a loan by legal action will first of all have to begin proceedings in the country whose laws applied to the loan. Your loan agreement will tell you this.

A loan made in the IOM for example, will have to be enforced via an IOM Court. The lender will then have to convince the Court that the loan was a genuine loan before it grants execution for the debt.

The lender then has to convince a Court in your country of residence that the IOM Execution is enforceable in your country.

The legal costs of this would be a big gamble for two young girls operating THL.

The term "loan" has an ordinary meaning and heading a document "loan agreement" won't necessarily make it a loan for civil law purposes.

These guys are nothing more than vultures and they won't be pursuing anything in any Court IMHO.

One of the girls background appears to be a primary school helper, so sounds ideally qualified to me

[Bemi]

The link in #135 is useful.
The legal costs of this would be a big gamble for two young girls operating THL.

It seems extremely unlikely that these two ladies (one is 40 I believe) are independent, rather than stooges for and backed by Baker Tily, who have proven rather adept at screwing people out of large sums of money while getting off scot free.

[Bemi]

One of the girls background appears to be a primary school helper, so sounds ideally qualified to me

Are you referring to the picture of someone with the name Leyya Djoma running an after school club at a primary school? If so, I don't think we can extrapolate from this that she is a teaching assistant.

if not, what have you found?

[contractDudeUK]

Update from HMRC and your trustees

Dear Mr Lord,

HMRC have published a statement today, recognising deeds of release as valid instruments for writing off contractor loans. HMRC have accepted that loan repayments can reduce tax liability under the 2019 Loan Charge. They have also accepted that getting your loans written off is vital if you want your settlement with HMRC to cover inheritance tax. This is vindication of the approach your trustees have been taking to dealing with your outstanding loans.

If you settle with HMRC but leave the loans outstanding, you'll need to notify HMRC and ask for a review of your inheritance tax position. You could have inheritance tax to pay. Please note that we are under a s748 ITA notice, following which we are exchanging information with HMRC about which beneficiaries have and have not had their loans released.

When the trustees write off your loans, your evidence they have done so will be in the form of a Deed of Release. You will also receive a Deed of Exclusion to demonstrate that you no longer have any connection with the trust(s). These deeds guarantee that you can never be charged interest on the loans, or be asked to repay them. You will receive drafts of these from DOR Resolutions Ltd as soon as you email your request to [email protected], quoting reference Lord_F_03111945. You can simply forward this message.

HMRC say they do not need to see your deeds before reaching settlement on the current terms. However, it remains the case that they might demand to see them afterwards, if you rely on them for your settlement. They might also demand to see them if you are claiming a reduction under the Loan Charge for the 5% you repaid. You should keep your deeds in a safe place.

Best wishes
Trust Help Line

Received the same email yesterday, I think this came out just after HMRC posted this one -

Disguised remuneration: contractor loans settlements and obtaining a deed of release (Spotlight 48) - GOV.UK

[contractDudeUK]

THL Email and Garraway

Has anyone replied back to THL/DOR stating paying 5% is not an option and asking them to **** themselves?

I am very much tempted to write back that I will not pay and let them pursue a court case if they intend to extract money out of me.

Any thoughts?

[Safe]

Has anyone replied back to THL/DOR stating paying 5% is not an option and asking them to **** themselves?

I am very much tempted to write back that I will not pay and let them pursue a court case if they intend to extract money out of me.

Any thoughts?

Well I agree with you. At the time they sold us these schemes they charges us 15% so why do we need to pay 5%? If the intention is to release the loans then this can be done easily. I accept admin fee of £250 per trust but 5% charge have no justification. Also HMRC recent guideline published yesterday, clearly says that they will tax 100% of the loans not 95%. I've circa £600K loan with these basxxrd and not prepared to pay £30K to Let them go and

[Albert49]

THL write off

Well I agree with you. At the time they sold us these schemes they charges us 15% so why do we need to pay 5%? If the intention is to release the loans then this can be done easily. I accept admin fee of £250 per trust but 5% charge have no justification. Also HMRC recent guideline published yesterday, clearly says that they will tax 100% of the loans not 95%. I've circa £600K loan with these basxxrd and not prepared to pay £30K to Let them go and

To be accurate HMRC said that if you pay 5% to write off the loans , this could be classed as a part repayment, and the loan charge would then be based on the 95% remaining, it is the fixed fee (£250) that would not be classed as a repayment. However that would depend on whether the trust is getting the 5% (part repayment), but if it goes just to the scheme promoters as a big fat fee , then it is not a repayment.
However it is cheaper to pay the tax on that 5% , whether it is the loan charge (40 or 45% tax rate), or settlement (probable 20 -30% tax rate), than to hand it over to THL.
Plus you get the small satisfaction of not handing over any more money to the b***rds who got you in to this mess.

Disguised remuneration: contractor loans settlements and obtaining a deed of release (Spotlight 48) - GOV.UK

[webberg]

There is a hard choice here.

Do you trust HMRC who have shown a shocking disregard for the law in how they want to tax you?

Or do you trust THL (and whomever is behind them) who continue to bombard you with emails and the like which are never quite incorrect but equally leave a lot of things unsaid.

So, institution of some expertise and standing, even if that has been corrupted in the last 10 years, or firm whose bona fides is impossible to verify, whose directors hide behind a number of slightly different names on the public record and are not working for you.

Tough one.

[BrianH]

Compromise

Hi,

Has anybody tried asking/offering THL just the Admin fee or say 1% of the loan amount rather than 5% or 10%. I think this scare tactic may have backfired and many of us are now digging in harder so am wondering about pushing back. In my case paying 1% to get rid of them is worth it but 10% no-way

[contractDudeUK]

Hi,

Has anybody tried asking/offering THL just the Admin fee or say 1% of the loan amount rather than 5% or 10%. I think this scare tactic may have backfired and many of us are now digging in harder so am wondering about pushing back. In my case paying 1% to get rid of them is worth it but 10% no-way

In fact, I would just argue that an admin fee should suffice, from my perspective the service has already been paid for at the time of engaging the trust.

Asking for 5% over and above what has already been paid is day light robbery/extortion.