Loan Charge stories in the FT

[webberg]

When I signed up working for the banks in the Square Mile, I had to use one of these mobs that did loans. On the trading floor everyone including perm staff were paid in loans.

If you can prove that statement, I'd like to discuss it please.

[Iliketax]

If you can prove that statement, I'd like to discuss it please.

Try this: JPMorgan 500m HMRC deal | ICAEW Economia

[EBTContractor]

If you can prove that statement, I'd like to discuss it please.

Try this: JPMorgan 500m HMRC deal | ICAEW Economia

Hmmm it'd be hard... It's going back 10 years. What iliketax posted sums it up.

I do remember one situation at Henderson Global Investors the perm lot got paid bonuses via EBTs/other loan thing and the options were do you want to max your return or not. Basically you had to go with loans.

I know since then virtually everyone has received DAs and paid back what HMRC claim is due...

My situation was I could use my own ltd or go via Edge Consulting with the latter being the recommended route as less paperwork and everyone else using them including the permies.

[InNZ]

If you can prove that statement, I'd like to discuss it please.

I can't prove it, and I know it's only hearsay from speaking to some permie friends at the bank I worked at, but back in the late 1990's, early 2000's they all took their bonuses as EBTs.

[webberg]

In my opinion, there is a big difference between working at a bank and being told/advised to use a scheme like those at Goldmans or JPM promoted and used for whatever reason and using a mass marketed scheme that was not proprietary to a bank/Big 4.

It's unfortunate that HMRC pool these scenarios when supplying "evidence" to the public, Parliament, FOI requets, etc.

They claim for example that a success against an EBT used by an owner managed business as a cash extraction device is the same as not chasing the employer/promoter behind a contractor loan scheme.

I can see why but they are different.

[QUODM]

send your evidence to the appg

Its worth sending any of this evidence to the APPG where you were 'persuaded' to go into a scheme or how normal it was.
In particular the point being that yes laws change and they should but there was no real justification for this being made retrospective.

Details on how to submit here and structure required
APPG Inquiry - Loan Charge APPG

Some papers are on the case too following this FT article and want your impact statement too (the same one is fine)
[email protected]
[email protected]

This is your chance to get this stopped as we seem to have hit a bit of a critical mass in the media and with EDM/APPG and HMRC on the back foot. If there is a time for MP action to stop it, it is NOW. Give @LCAG_2019 and @loanchargeAPPG all the help you can please.

Personally I am NOT going to settle and I would love it if other people didn't either as will certainly make life harder for HMRC.
I know AML has dropped the JR (timing of times article and criticism seems connected) and HMRC are going to try to rush APNs out as fast as possible before the review but worth resisting (imho) till then. There is a case for APPG delaying APNs while the review takes place.
Settling makes little difference in my calc (so it is easier for me) but I had to confess before for the DTA scheme and I'm not confessing and accepting a lie and years of bending over so they can bleed me dry with no come back just to make their spiteful vendetta easier.

While I'm campaigning :-) probably worth signing this too to stop Mel Stride lying to the public.
Make it a criminal offence for MPs to deliberately mislead the general public. - Petitions.
It appears that one of these was done last year but no impact.
Make it illegal for any UK politician to lie or mislead the public. - Petitions
Not sure if there's now a parilamentary conduct board this could be referred to?

Apologies if I have broken some forum posting rule here but I am unconnected with any of these groups other than supporting them and thinking they are our best chance at some justice

[GreenMirror]

Its worth sending any of this evidence to the APPG where you were 'persuaded' to go into a scheme or how normal it was.
In particular the point being that yes laws change and they should but there was no real justification for this being made retrospective.

Details on how to submit here and structure required
APPG Inquiry - Loan Charge APPG

Some papers are on the case too following this FT article and want your impact statement too (the same one is fine)
[email protected]
[email protected]

This is your chance to get this stopped as we seem to have hit a bit of a critical mass in the media and with EDM/APPG and HMRC on the back foot. If there is a time for MP action to stop it, it is NOW. Give @LCAG_2019 and @loanchargeAPPG all the help you can please.

Personally I am NOT going to settle and I would love it if other people didn't either as will certainly make life harder for HMRC.
I know AML has dropped the JR (timing of times article and criticism seems connected) and HMRC are going to try to rush APNs out as fast as possible before the review but worth resisting (imho) till then. There is a case for APPG delaying APNs while the review takes place.
Settling makes little difference in my calc (so it is easier for me) but I had to confess before for the DTA scheme and I'm not confessing and accepting a lie and years of bending over so they can bleed me dry with no come back just to make their spiteful vendetta easier.

While I'm campaigning :-) probably worth signing this too to stop Mel Stride lying to the public.
Make it a criminal offence for MPs to deliberately mislead the general public. - Petitions.
It appears that one of these was done last year but no impact.
Make it illegal for any UK politician to lie or mislead the public. - Petitions
Not sure if there's now a parilamentary conduct board this could be referred to?

Apologies if I have broken some forum posting rule here but I am unconnected with any of these groups other than supporting them and thinking they are our best chance at some justice

Phil wrote the original review for Ed Davey. Good to see how far this has come thanks to his efforts! Well done Phil!

[Culps67]

Not sure if it’s appropriate (mods, feel free to delete if it is not) but there’s an article in today’s FT humanising the aspect of the loan charges with various real stories.

Readers respond to ‘Living in the shadow of a tax scandal’ | Financial Times

Horrific stories. I was lucky enough to have only been with one of these Umbrella companies for seven months so my liability was low. I left them as soon as I learned about this loan charge and I'm now permanent at my workplace. I have recently received two texts asking me to rejoin the umbrella company and offering me a loyalty bonus !

This is just plain wrong. Why are these companies not being targetted ? An utter disgrace.

[GreenMirror]

Horrific stories. I was lucky enough to have only been with one of these Umbrella companies for seven months so my liability was low. I left them as soon as I learned about this loan charge and I'm now permanent at my workplace. I have recently received two texts asking me to rejoin the umbrella company and offering me a loyalty bonus !

This is just plain wrong. Why are these companies not being targetted ? An utter disgrace.

Hopefully the APPG will be asking this. Along with why HMRC waited since 1999 to ban the schemes. And why it is okay for HMRC to be able to bully people who allegedly owe them money.