Query-sorry if answered elsewhere but don't know where to look

[panders]

Hi all

So I submitted my intention to settle and HMRC accepted my 10 year settlement proposal and advised that the first instalment was due 5 April 2019. I set up a direct debit and the first instalment was paid last week, however catching up on threads here I think I am reading that there are still attempts being made to disrupt the LC and I think there are now delays to the process....am I reading this correctly. Should I stop paying??

Thanks
Pamela

[dammit chloe]

Hi all

So I submitted my intention to settle and HMRC accepted my 10 year settlement proposal and advised that the first instalment was due 5 April 2019. I set up a direct debit and the first instalment was paid last week, however catching up on threads here I think I am reading that there are still attempts being made to disrupt the LC and I think there are now delays to the process....am I reading this correctly. Should I stop paying??

Thanks
Pamela

There are still attempts being made to disrupt it there was even a Westminster debate ( the one that got rained on ) pushing for a delay and review. It will be continued next week. There has been a lot of activity in fact. We have good cross party support but the Treasury is sticking to its guns.

At the moment you are signed up to settlement and I don't think there is much you can do on that at the moment. Should the LC be defeated then there are some of us looking at what can be done to get settlements annulled ( looking at the duress/legality aspects ). That unfortunately is a way down the road though.

If you wish to find out more, and preferably help, please consider joining LCAG ( a quick search will find it ).

[NeedTheSunshine]

Hi all

So I submitted my intention to settle and HMRC accepted my 10 year settlement proposal and advised that the first instalment was due 5 April 2019. I set up a direct debit and the first instalment was paid last week, however catching up on threads here I think I am reading that there are still attempts being made to disrupt the LC and I think there are now delays to the process....am I reading this correctly. Should I stop paying??

Thanks
Pamela

If you have signed a contract then you cannot stop paying. It's contract law. If you miss a payment then I am presuming there will be consequences.

As the poster above mentioned, if the loan charge gets kicked out then further action could be taken by individuals who have settled. But that is not something that is going to happen in the next few months. All of these things are processes which take time.

[Hitchphil]

If you have signed a contract then you cannot stop paying. It's contract law. If you miss a payment then I am presuming there will be consequences.

As the poster above mentioned, if the loan charge gets kicked out then further action could be taken by individuals who have settled. But that is not something that is going to happen in the next few months. All of these things are processes which take time.

Mine says "I undertake not to take any action with a view to obtaining repayment form HMRC of any part of the settlement amount including but not limited to making a claim under Schedule 1AB of the taxes management act 1970 or common law".

Does that mean if the LCAG / Gov review etc are successful I cant get any refund of this leveraged tax & interest paid back?

[dammit chloe]

Mine says "I undertake not to take any action with a view to obtaining repayment form HMRC of any part of the settlement amount including but not limited to making a claim under Schedule 1AB of the taxes management act 1970 or common law".

Does that mean if the LCAG / Gov review etc are successful I cant get any refund of this leveraged tax & interest paid back?

Not without some form of legal battle. Probably a class action. Rumours of one exist but won't come into play unless the LC is defeated.

[here4beer]

Not without some form of legal battle. Probably a class action. Rumours of one exist but won't come into play unless the LC is defeated.

That's what I am planning my hopes on, play ball today and fight it later if LCAG win... Imagine if those coming forward to settle are penalised, whilst those who lied and hid - keep their cash. Doesn't set a good precedent for any future 'retrospective' issues.

Weak, i know. But makes paying up slightly easier

[NeedTheSunshine]

That's what I am planning my hopes on, play ball today and fight it later if LCAG win... Imagine if those coming forward to settle are penalised, whilst those who lied and hid - keep their cash. Doesn't set a good precedent for any future 'retrospective' issues.

Weak, i know. But makes paying up slightly easier

Have you joined LCAG? Or Big Group? It's been said here before, and apologies if you have joined them or some other group, but relying on others to fight your battles without contributing isn't going to help you.

As I understand it, LCAG are fighting the Loan Charge only. Big Group are concerned with the underlying tax issues (regardless of whether the Loan Charge goes away, although that will help some of their clients). No group that I know of have a goal of undoing agreed settlements, although I am happy to be corrected. As I have said previously, when you sign the settlement contract it becomes contract law.

Those who have chosen not to settle aren't lying and hiding - they have chosen to not to settle. It's not obligatory to settle with HMRC. It's a choice - dependent on your personal circumstances and/or appetite for risk I suppose. I don't criticise anyone who chose to settle - there are many compelling reasons to do so. But it's equally valid not to settle.

[here4beer]

Have you joined LCAG? Or Big Group? It's been said here before, and apologies if you have joined them or some other group, but relying on others to fight your battles without contributing isn't going to help you.

As I understand it, LCAG are fighting the Loan Charge only. Big Group are concerned with the underlying tax issues (regardless of whether the Loan Charge goes away, although that will help some of their clients). No group that I know of have a goal of undoing agreed settlements, although I am happy to be corrected. As I have said previously, when you sign the settlement contract it becomes contract law.

Those who have chosen not to settle aren't lying and hiding - they have chosen to not to settle. It's not obligatory to settle with HMRC. It's a choice - dependent on your personal circumstances and/or appetite for risk I suppose. I don't criticise anyone who chose to settle - there are many compelling reasons to do so. But it's equally valid not to settle.

Settlement is settlement, and there is no come back for me. I understand that. I'm saying I "hope" it becomes a real thing, like the PPI debacle or something similar.

Not all are, you're correct. However I'd say active scheme members who are still contributing today, and failing to disclose the loans on their SATR are lying/hiding.

[NeedTheSunshine]

Settlement is settlement, and there is no come back for me. I understand that. I'm saying I "hope" it becomes a real thing, like the PPI debacle or something similar.

Not all are, you're correct. However I'd say active scheme members who are still contributing today, and failing to disclose the loans on their SATR are lying/hiding.

Perhaps it will become a real thing, but it will definitely need a group to come together. One for the future.

Failing to disclose the loans on SATRs is a whole other issue. Promoters are self interested so I assume that it's not inconceivable that at some point when shutting up shop they will throw their clients under the bus.

[dammit chloe]

Perhaps it will become a real thing, but it will definitely need a group to come together. One for the future.

Failing to disclose the loans on SATRs is a whole other issue. Promoters are self interested so I assume that it's not inconceivable that at some point when shutting up shop they will throw their clients under the bus.

It's the trusts that will disclose and they, at least those that can be reached by HMRC, have to disclose by 30 September I think. Those who don't disclose may get away with it but could also find themselves in bigger trouble down the line.