I've searched the forum and can see no mention of s223. Does this not affect contractor schemes?
Just over 10 years ago I gave up contracting and started an Internet business which did really well for a few years and then income dropped back to normal levels. As I was holding a lot of cash my accountant convinced me to sign up to a scheme where I could take a £500k loan from an EBT.
The company that set this up shut down a few years later so I joined an group action. When the Rangers verdict came in my tax defence advised settling and I paid my APN's a few years ago. I paid about £270k which included around £30k in interest, £4k in court costs and a £10k inheritance tax charge. I'd kept this money in a safe zero interest account for all that time, just in case.
This year I thought it would all be over with and I could move on, but now they're saying they want an EXTRA £190k for s223. This will be the final straw and will almost certainly wipe me out, forcing me to close my business and sell my house to pay the rest of the debt.
HMRC asking for £460k tax on £500k of 'income' is just vindictive. It seems to me that they are now using loopholes to try and recover as much tax as possible rather than what is reasonably due. eg. IHT imo is just a case of them having their cake and eating it!
Does anyone know of a group that's fighting s223 on EBT's? My tax advisers are having trouble getting enough people to join a group action.
Just over 10 years ago I gave up contracting and started an Internet business which did really well for a few years and then income dropped back to normal levels. As I was holding a lot of cash my accountant convinced me to sign up to a scheme where I could take a £500k loan from an EBT.
The company that set this up shut down a few years later so I joined an group action. When the Rangers verdict came in my tax defence advised settling and I paid my APN's a few years ago. I paid about £270k which included around £30k in interest, £4k in court costs and a £10k inheritance tax charge. I'd kept this money in a safe zero interest account for all that time, just in case.
This year I thought it would all be over with and I could move on, but now they're saying they want an EXTRA £190k for s223. This will be the final straw and will almost certainly wipe me out, forcing me to close my business and sell my house to pay the rest of the debt.
HMRC asking for £460k tax on £500k of 'income' is just vindictive. It seems to me that they are now using loopholes to try and recover as much tax as possible rather than what is reasonably due. eg. IHT imo is just a case of them having their cake and eating it!
Does anyone know of a group that's fighting s223 on EBT's? My tax advisers are having trouble getting enough people to join a group action.
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