Originally posted by Iter
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Loan charge - review outcomes - impact on settlement
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I recommend watching this Parliament discussion with heads of revenue, from about 14:57 onwards where LC and settlement is discussed. Noting that HMRC have advised that settlement discussions /engagement carrying over 4th April should not incur any disadvantages....
https://parliamentlive.tv/event/inde...3-fc44608eaae8Leave a comment:
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I'm gearing up to settle but as around 50% of my loans are in unprotected years I'm following webberg's strategy of progressing to the point of contract and then waiting for the review.
My current challenge is how to make sure HMRC structure the contract in a way that will allow me to settle just the protected years (should the loan charge be amended) or settle both protected and unprotected years (should the loans charge remain unchanged).
Am not sure if I should ask for separate contracts for the protected and unprotected years or whether a single contract provides the flexibility (I haven't seen a contract). Would appreciate the views of anyone else in a similar position.Leave a comment:
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Originally posted by Joolsey86 View PostGulp. Hopefully my accountants *(Horizon)* did that
Hence everyone keep on following LCAG, tweeting etc. We need all LCAG members doing what they can and not pinning their hopes on others.Leave a comment:
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Originally posted by Delendog View PostI believe he said those that declared loans on their returns.Leave a comment:
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Originally posted by Joolsey86 View PostThe one thing that is worrying me is the recent, HoL and McCann stating possibly remove LC for those that declared Dotas. But my EBT was pre-DOTAs implementation and so even though it ended in 2006, I would be caught due to bad timing.
Fingers crossed whatever the review outcome states, it is fair and treats all people the same, understanding that the contractors didnt decide to declare or to declare, that was their accountants, and stuff like this is completely out of our hands.Leave a comment:
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Originally posted by ChimpMaster View PostA lot of us are hinging on this. The 11 years from 1999 to 2010 are critical as it comprises the many, many thousands of contractors who participated in loan schemes before GAAR and the subsequent somewhat tepid 'outlawing' (and I use the term loosely) of such schemes.
My view is that HMRC are grossly negligent and ignorant, which is a view shared by many but certainly overlooked by the Treasury and HMRC who smell only blood regardless of innocence or impact. I am still shocked that they are able to get away with this, or rather that they are trying to.
So many of us have only Closed years preceding 2010 and have since moved on with our lives, but are now being told to pay 6-figure tax sums that we are expected to pull out of thin air. You could make a movie out of the injustice HMRC are inflicting, it really is that dramatic and abhorrent. A story that the history books will tell, when we are all 6 feet under. The fight is still ongoing but nothing can be taken for granted until the LC is 'reviewed' fairly and judgement applied within the remit of law.
Fingers crossed whatever the review outcome states, it is fair and treats all people the same, understanding that the contractors didnt decide to declare or to declare, that was their accountants, and stuff like this is completely out of our hands.Leave a comment:
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Originally posted by webberg View PostNothing.
If all your years are closed, then the loan charge is HMRC's only hope of collecting money from you.
If the loan charge is amended, then you may owe nothing.
(Part of me says that if the loan charge falls because it was introduced on false data - not the first or only time that has happened - then HMRC's revenge for being caught out may be swift and terrible. For the moment however, let's worry about the real.)
My view is that HMRC are grossly negligent and ignorant, which is a view shared by many but certainly overlooked by the Treasury and HMRC who smell only blood regardless of innocence or impact. I am still shocked that they are able to get away with this, or rather that they are trying to.
So many of us have only Closed years preceding 2010 and have since moved on with our lives, but are now being told to pay 6-figure tax sums that we are expected to pull out of thin air. You could make a movie out of the injustice HMRC are inflicting, it really is that dramatic and abhorrent. A story that the history books will tell, when we are all 6 feet under. The fight is still ongoing but nothing can be taken for granted until the LC is 'reviewed' fairly and judgement applied within the remit of law.Leave a comment:
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Originally posted by ContractorSeven View PostHang on... let me check I have this right. I don't have any open years and all of my loans are for closed years pre-2010. If I make this assumption then I won't owe anything at all. What am I missing?
If all your years are closed, then the loan charge is HMRC's only hope of collecting money from you.
If the loan charge is amended, then you may owe nothing.
(Part of me says that if the loan charge falls because it was introduced on false data - not the first or only time that has happened - then HMRC's revenge for being caught out may be swift and terrible. For the moment however, let's worry about the real.)Leave a comment:
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Originally posted by webberg View PostIf you have closed years then do three calculations.
First, assume the loan charge is limited to years 2011/12 onwards (when DR rules first appeared).Leave a comment:
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