WARNING: DO NOT SETTLE UNDER CLSO2 re. 2019 Loan Charge

[DeadDOTAS]

So, LCAG's legal challenge is up and running. Rather than registering for CLSO2 (Turkey signing up for Xmas), why not join LCAG, become a fully paid up member and subsequently join the legal challenge / JR of the loan charge:
Contractors facing huge tax bill launch legal action against HMRC alleging human rights breach | The Independent

Also, note that LCAG is hammering down on hard on Smelly Melly Mel Stride:
Search Google for "Amazon links with Tory Treasury minister Mel Stride's company branded 'clear conflict of interest'" as it doesn't allow me to copy the link from the Daily Mirror exclusive article...

Further, note LCAG's paid ad in "The House" magazine, read by all MPs, Ministers, Shadow ministers and Peers in the House of Parliament. Conveniently, this appeared straight after the clown Theresa May with her failed african dance proclaiming "I'm Not a Stand-up Comedian - I am the Prime Minister". Stark contrast to the messages sent by LCAG:
MYEBOOK - The House Magazine Issue 1626 01 October 2018

There is a lot of good work happing over at LCAG and the JR/Legal challenge is the most important activity to challenging the loan charge. Join here: 2019 Loan Charge Action Group (LCAG) - Loan Charge Action Group

Don't say we didn't warn you re. CLSO2...!!!

[Jaxonius]

Firstly, let me say what a great job the people at LCAG are doing hopefully all our dreams will come true & this awful mess will be ended. However, I still have a conundrum re settlement. If LC is amended to becoming prospective from Nov 2017 (date of Royal Assent) or abandoned as a result of the challenge, it appears to me this will ensure that all protected years will remain closed & HMRC will have revert to their mandate & do things properly. For me this would still mean I have 4 open years I will have to settle with HMRC....removing LC will not change that....declining HMRC' "kind offer" to settle pre April 2019 I can perhaps delay the final resolution but a day of reckoning must (and will) come eventually. Luckily I am at the arse-end of my working life...5 years to go to state pension time...maybe it will drag on and I wont have the funds to pay even with a generous TTP agreement...pretty sure I am not going to spend the rest of my working life working for HMRC...stuff that!

[DeadDOTAS]

You can join the Loan charge legal challenge / JR here now:

Loan Charge Judicial Review - Loan Charge Action Group

[Finalwhistle]

Time to litigate!!!!!!!!!!!!!!!!!!

you can join the loan charge legal challenge / jr here now:

loan charge judicial review - loan charge action group

people get your cash out....its time to get motivated....its now or never...this is happening now so don't go crying yourself to sleep that you've been treated unfairly if you did nothing about fighting it..... Get involved

[Wizards Sleeve]

Received my Settlement Figures...... what next?

Hi all,

First post so be gentle?

In the same boat as a lot of others on here, used a scheme from 2012 until 2018, approached HMRC to explore a settlement, they sent back a figure I cannot service.

I have no house (I rent, I used to have a house abroad but was forced to sell after losing my job in Holland in 2012, kept this money pit going until 2016 as it was in negative equity and it pretty much cleaned me out I am just getting back on my feet and now this LC issue arises), I have no savings either as I used what I had closing down in Holland.

In addition, my contract ends in June with no guarantee of renewal, and then only a 3 month extension.

So with no assets to liquidise/re-mortgage, and no guarantee of future earnings I cant really enter into an agreement for the '6 figure' sum they want? I haven't declined it yet as it only landed last week.

I am wondering if my best bet is just to wait for the loan charge to be issued and hope I win the lottery before January 2020 and pay what they want? Or come January 2020 when I still cant afford to pay what they want, put the ball in their court and say "what ya gunna do, I ant got it"?

Because I have nothing they can take, and nothing to give, what else can I do other than sign my life away knowing that I may not be able to fulfill a TTP agreement come June?

Honestly, at my whits end with all this, but I feel sorry for those who could potentially lose everything, at least I have nothing to lose?

Every adviser I have spoken to wants me to settle..... and let them handle my affairs at a cost, obviously not in their interest to say otherwise?

Is my strategy viable, or will I end up in 'nick'?

[piebaps]

wizard - being unable to pay a tax bill is highly unlikely to result in prison. If you decide to settle then your current position is your negotiating position with the debt management team at HMRC. If you have no assets then they can't take anything other than whatever you're offering and you certainly won't get locked up.

[stonehenge]

Have you considered bankruptcy to wipe out the debt? Might be worth talking to an insolvency practitioner.

If you don't pay up in January 2020, HMRC might petition for bankruptcy anyway.

[Wizards Sleeve]

wizard - being unable to pay a tax bill is highly unlikely to result in prison. If you decide to settle then your current position is your negotiating position with the debt management team at HMRC. If you have no assets then they can't take anything other than whatever you're offering and you certainly won't get locked up.

Thanks for the reply 'piebaps'......

[Wizards Sleeve]

Have you considered bankruptcy to wipe out the debt? Might be worth talking to an insolvency practitioner.

If you don't pay up in January 2020, HMRC might petition for bankruptcy anyway.

Hi Stonehenge, thanks for the reply. Yes, I have considered bankruptcy, but why should I pay for the process? If I cant pay what HMRC want now, I wont be able to pay later. I am considering putting the ball in HMRC's court, they can petition and they can shut me down if they wish.

Like I say, I have nothing to lose...... I despair of it all!

[stonehenge]

Hi Stonehenge, thanks for the reply. Yes, I have considered bankruptcy, but why should I pay for the process? If I cant pay what HMRC want now, I wont be able to pay later. I am considering putting the ball in HMRC's court, they can petition and they can shut me down if they wish.

Like I say, I have nothing to lose...... I despair of it all!

The problem with going down the loan charge route is it doesn't finalise matters. It still leaves any open tax years* with an unresolved dispute.

In theory, HMRC could bankrupt you over the loan charge and then, at some later date, pursue you for those open tax years.

Do you follow?

* open tax years are ones where HMRC
a) has opened an enquiry or
b) has raised an assessment or
c) is still within the time limits to do (a) or (b)