Any settlement figures yet?

[DavidD]

So, my one is slightly different, in that I actually got a settlement figure in January and I posted it back saying I am willing to pay the whole amount in one. Since then...nothing..

So I called them the other week and the lady saw my reply on their system and straight away said "the balls in their (HMRC) court" in that they will eventually get back to me in terms of payment and timeline to pay.

I asked about the interest being increased since the loan charge hits the end of this week and new tax year etc...and she told me that since I have agreed a figure with HMRC that is final - they will not increase the figure unless I do not pay in time (when I eventually get the payment letter). Never recorded the conversation - I don't even know how you record a phone call - I assume there are apps that can do that but I am not too fussed about that.

My wife has an identical situation. In that she has offered to pay the whole lot at once and has never heard back. As far as far we are concerned we received an offer, made a counter offer that benefits HMRC and therefore don’t expect to receive a loan charge - FYI in the counter offer to HMRC we made clear that we wanted to pay...

[Worried 72]

If you can get that assurance in writing from HMRC then I reckon you could sell copies at £10 a go here.

I've been advised that on the settlement form to tick the box to pay IHT as this is the best way to get 'finality' from this after getting the loans released from AML but i honestly have no clue if this is the best way to go - looking for some advice asap.

[here4beer]

I've been advised that on the settlement form to tick the box to pay IHT as this is the best way to get 'finality' from this after getting the loans released from AML but i honestly have no clue if this is the best way to go - looking for some advice asap.

I'd be interested to hear if this is true. I'd rather NOT indulge my future plans, as they are only plans. Merely tell the HMRC once/if I have the completed the loan release process.

Imagine telling HMRC you're having the loan released, then receive an IHT bill so high - you then can't afford to have the loan released

[kryten22uk]

I'd be interested to hear if this is true. I'd rather NOT indulge my future plans, as they are only plans. Merely tell the HMRC once/if I have the completed the loan release process.

Imagine telling HMRC you're having the loan released, then receive an IHT bill so high - you then can't afford to have the loan released

It makes no difference. If a charge is due on the release of a loan, then it will arise regardless of whether you forewarned them (by ticking the box). So if anything, you might be better knowing a ballpark IHT bill before you choose to release the loan.

[ChimpMaster]

It makes no difference. If a charge is due on the release of a loan, then it will arise regardless of whether you forewarned them (by ticking the box). So if anything, you might be better knowing a ballpark IHT bill before you choose to release the loan.

What if you don't have a loan any more - technically speaking anyway. My loan was 'paid off' via some convoluted method when I left that specific employment back in 2010.

What might HMRC do in this situation, with regards to IHT?

[here4beer]

It makes no difference. If a charge is due on the release of a loan, then it will arise regardless of whether you forewarned them (by ticking the box). So if anything, you might be better knowing a ballpark IHT bill before you choose to release the loan.

I'm not saying I'd lie, I'd just tell them afterwards.

I'm fairly sure they won't have enough info on my trust to charge IHT anyway.

[NeedTheSunshine]

It makes no difference. If a charge is due on the release of a loan, then it will arise regardless of whether you forewarned them (by ticking the box). So if anything, you might be better knowing a ballpark IHT bill before you choose to release the loan.

The IHT depends on how your trust was set up. Some will attract IHT and others not. The whole IHT question was discussed quite a bit on here in 2014/15 when CLSO1 was about. So I'm fairly sure HMRC know which schemes do/don't attract IHT.

[kryten22uk]

The IHT depends on how your trust was set up. Some will attract IHT and others not. The whole IHT question was discussed quite a bit on here in 2014/15 when CLSO1 was about. So I'm fairly sure HMRC know which schemes do/don't attract IHT.

Not sure what that has to do with my post?

I was simply saying that one's ultimate liability for IHT has nothing to do with whether you "tick the box" or not.

[dammit chloe]

The IHT depends on how your trust was set up. Some will attract IHT and others not. The whole IHT question was discussed quite a bit on here in 2014/15 when CLSO1 was about. So I'm fairly sure HMRC know which schemes do/don't attract IHT.

They actually don't. They know some, they don't know mine. I don't think it qualifies.

[NeedTheSunshine]

Not sure what that has to do with my post?

I was simply saying that one's ultimate liability for IHT has nothing to do with whether you "tick the box" or not.

I'll leave you to it then. I did read this:

"Inheritance Tax may be due on the assets held within a trust when:

they’re transferred out of a trust (exit charges)
a 10-year anniversary occurs"

Some of us have already been down the path of settlement with HMRC. And we know what dragons lie there.

As you were.