Using a Lawyer to remove the loan (once settled)

[here4beer]

Maybe this is one for the experts, however my view is it's only in your best interests to declare the loan as income if you are definitely going to get a tax bill from HMRC. Your scheme provider clearly believe (correctly or incorrectly - different debate entirely) that you aren't going to get a tax bill, so with that in mind, it isn't in your best interests to declare the loan as income.

That is the take I was given by my provider and that part seems to make sense to me.
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I think we'll struggle to align views on this.

I am responsible for my self assessment, not the scheme provider, Trust or accountant. What 'they 'believe' isn't relevant. HMRC state "The charge will apply to all loans made since 6 April 1999 if they are still outstanding on 5 April 2019". So you will get a tax bill on the loans, if they catch you.

Assuming HMRC investigate all 65,000,000 of us in the UK, it is in my best interest to not lie on my self assessment, and avoid the loan charge.


I can see why promoters don't like it, which is why I enquire in this thread about Loan Settlers using lawyers instead of "Loan Helpline" companies.

[WalterWhite]

What 'they 'believe' isn't relevant. H

With regards to loans that they have issued to you, I would argue it is.

Anyway, best of luck with whatever route you choose and achieve.

[here4beer]

With regards to loans that they have issued to you, I would argue it is.

Anyway, best of luck with whatever route you choose and achieve.

Our schemes must be different. In my case the promoter dissolved 5 years ago, but remain very much active today. They have never received or sent any money or loans in any form.
The Loan from the Trust has no paper trail link to them at all. All a bit woolly for me.

In any case, you're right in what you're saying about the promoters lack of interest in writing off loans, hence this thread. If they willingly took a £250 admin fee, there wouldn't be an issue. If some trusts are releasing loans for sub £1000, then it must be possible.