Where's Phil gone?

[Iliketax]

So, in a nut shell… the loan scheme worked once, and law was changed, now it does not. However using another scheme, which ‘robs’ HMRC of their ‘£5billion’ they were expecting, is the way to go?

Just sounds like another scheme that in 5 years time will be pooh poohed, and you’ll have double the pain for trying to be a clever dick, again.

There used to be a guy who posted on here who, it seems, agreed with everything you said:

Hi all,

Today's AML/Knox emails have put the wind up me and probably many others today. Within the emails there was an option proposed under Vanquish Options.

I called them earlier to understand their proposal (details are light) and it just seems somewhat too good to be true.

On the phone they described the mechanism as effectively Vanquish paying off the loan amount and taking ownership of the loan under a different vehicle which was seemingly not within the scope of the legislation (yet?!).

Effectively I was told a 5% payment of the total loan amount is what would jump the immediate hurdle of LC19.

I note that the website was registered via WHOIS on 2X/03/18 and that their IoM based, just like Pts-tax.

Has anybody more information on this and can anybody shed any light on the possibility of something like this working? To me is seems slim indeed.

My opinion is that it will fail. Id say there's less than a 0.000001% chance of success. Primarily as its a complete nonsense. HMRC have clearly stated that any attempt such as this will not work (they have updated legislation on the replacement loan part).

For a more useful answer i'd refer everyone to the reasons provided by iliketax.

Excellent post and absolutely how I view this matter. Its rather depressing just how correct the following is "if you ask HMRC if the loan is subject to the loan charge, they will say yes first and perhaps think about it as they walk into Tribunal. If you ask the promoter, they will say no but for a reasonable fee will exit you from the arrangement - straight into another enquiry."

[WalterWhite]

There used to be a guy who posted on here who, it seems, agreed with everything you said:

[Invisiblehand]

So let me get this straight; he comes in and sweeps up a whole bunch of business for APNs and the like, and is now in Cyprus flogging schemes to get people out of a hole they're in because of schemes?

Christ on a bike.

[Invisiblehand]

Just read through some of his tweets. I'm not convinced calling a government minister names is considered a good move.

They read like he's been drinking...

[WalterWhite]

So let me get this straight; he comes in and sweeps up a whole bunch of business for APNs and the like, and is now in Cyprus flogging schemes to get people out of a hole they're in because of schemes?

Christ on a bike.

And it sounds like may actually have been slagging Graham and WTT off as well

[mudskipper]

So let me get this straight; he comes in and sweeps up a whole bunch of business for APNs and the like, and is now in Cyprus flogging schemes to get people out of a hole they're in because of schemes?

Christ on a bike.

That's how it appears to the casual observer.

[Invisiblehand]

And it sounds like may actually have been slagging Graham and WTT off as well

I've never been convinced by Big Group in fairness.

[huntingground]

Phil had a very good reputation but he has tarnished this now with his recent actions.

His Cyprus-based Insella scheme with RV, fleeing to Cyprus and his what seem like inebriated tweets ripping into everyone including WTT/BG who recently stated not to get involved with any schemes to beat the LC e.g. Insella.

I, for one, am very disappointed how this has worked out. The pressure is building, time is tight and we should be sticking together and showing a unified front against the enemy : HMRC.

[WalterWhite]

I've never been convinced by Big Group in fairness.

Can we trust anyone??

[Invisiblehand]

Certainly not these so called knights in shinning armour riding onto CUK to save us. IMO.

I'd definitely be sceptical of a monthly fee model as there is zero incentive for a resolution in good time. I believe BG has been running for around 3/4 years now?