OMG - Another scheme to fix a sheme?

[Fred Bloggs]

For better or worse, out of the blue, I had my attention drawn to a tax avoidance (loan charge avoidance) scheme designed to fix previous tax avoidance schemes. It's based in Cyprus and is being promoted (so it appears) by a person known hereabouts.

All I will say, even if the scheme works, HMRC/HMG will bring in new legislation to catch you years down the line. Just like they did with the loan charge the new scheme seeks to avoid. Nothing more certain. Now, thankfully, I have never been involved in a scheme and never knowingly will be. But seriously, having been bitten once, do you really want to risk being bitten again? Read the scheme FAQ, it's the same old blurb rehasehed yet again, complete with the QC opinions etc.....

I am simply an interested observer, no axe to grind. FFS, think long and hard before you join another scheme.

Thanks for reading.

Mods - If there's anything wrong with this post, please fix it.

[Boodog]

For better or worse, out of the blue, I had my attention drawn to a tax avoidance (loan charge avoidance) scheme designed to fix previous tax avoidance schemes. It's based in Cyprus and is being promoted (so it appears) by a person known hereabouts.

All I will say, even if the scheme works, HMRC/HMG will bring in new legislation to catch you years down the line. Just like they did with the loan charge the new scheme seeks to avoid. Nothing more certain. Now, thankfully, I have never been involved in a scheme and never knowingly will be. But seriously, having been bitten once, do you really want to risk being bitten again? Read the scheme FAQ, it's the same old blurb rehasehed yet again, complete with the QC opinions etc.....

I am simply an interested observer, no axe to grind. FFS, think long and hard before you join another scheme.

Thanks for reading.

Mods - If there's anything wrong with this post, please fix it.

If you google ‘Insella’ - there is a website, providing vague information in the faq section. From the outset they state that there is no guarantee that the scheme will not be caught by future tax legislation, and that HMRC will say that the structure doesn’t work. Disappointing, but somewhat inevitable that some contributors to this forum are really just out to make a quick buck from the misfortune of others...

[dammit chloe]

For better or worse, out of the blue, I had my attention drawn to a tax avoidance (loan charge avoidance) scheme designed to fix previous tax avoidance schemes. It's based in Cyprus and is being promoted (so it appears) by a person known hereabouts.

All I will say, even if the scheme works, HMRC/HMG will bring in new legislation to catch you years down the line. Just like they did with the loan charge the new scheme seeks to avoid. Nothing more certain. Now, thankfully, I have never been involved in a scheme and never knowingly will be. But seriously, having been bitten once, do you really want to risk being bitten again? Read the scheme FAQ, it's the same old blurb rehasehed yet again, complete with the QC opinions etc.....

I am simply an interested observer, no axe to grind. FFS, think long and hard before you join another scheme.

Thanks for reading.

Mods - If there's anything wrong with this post, please fix it.

Like OMG, look a few posts down.

[Invisiblehand]

Couldn't agree more.

Anyone peddling a scheme to fix a scheme is either a fool or blatantly dishonest. In fairness to the original scheme promoters, nobody saw retrospective legislation coming. If the promoters think that this is going to fix everything and legislation won't be changed to catch this then they are incredibly naive.

[here4beer]

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.

This. Tbh.

[Boodog]

Couldn't agree more.

Anyone peddling a scheme to fix a scheme is either a fool or blatantly dishonest. In fairness to the original scheme promoters, nobody saw retrospective legislation coming. If the promoters think that this is going to fix everything and legislation won't be changed to catch this then they are incredibly naive.

My worry is that contractors will trust the promoter of this scheme, given their ‘positive’ contributions to this forum and their public (twitter) stance on the current legislation. In my opinion, certain businesses on this forum have sought to cash in on a lucrative opportunity here. Ok, they have given some advice, but nothing that isn’t in the public domain anyway. Ultimately, you settle with HMRC (provide them with actual figures) or pay the Loan Charge (provide them with actual figures). OR a legal battle (e.g WTT - with fees and uncertainty), OR another scheme - e.g Insella (with fees and uncertainty).....

[webberg]

Ultimately, you settle with HMRC (provide them with actual figures) or pay the Loan Charge (provide them with actual figures). OR a legal battle (e.g WTT - with fees and uncertainty), OR another scheme xxx(with fees and uncertainty).....

Actually settling with HMRC and the loan charge are not "either/or".

If you have open years you MUST settle eventually, either by agreement with HMRC or via a decision from a Judge.

If the loan charge crops up in the meantime and cannot be deferred, delayed, whatever, you may have to pay that AS WELL and when settlement occurs there is a complicated dance which seeks to offset liabilities between the earlier years and the loan charge.