How are HMRC checking loan amounts?

[BrilloPad]

You make it sound like the onus is on the taxpayer to bring matters to a head.

The taxpayer has appealed enquiries/assessments. Therefore, surely, the ball is in HMRC's court?

Its not a level playing field. Look at DTA/Huitson. Gittins tried to push HMRC along at every opportunity. Still got criticized by Judge Parker at FTTT for not challenging enough!

I agree with you logically. I wish the courts did.

[stonehenge]

Its not a level playing field. Look at DTA/Huitson. Gittins tried to push HMRC along at every opportunity. Still got criticized by Judge Parker at FTTT for not challenging enough!

I agree with you logically. I wish the courts did.

You could say the loan schemes should have learned from this. If you sit back and leave HMRC to their own devices, they'll retro your arse.

The time to push the matter was several years ago. It's a bit late now.

[BrilloPad]

You could say the loan schemes should have learned from this. If you sit back and leave HMRC to their own devices, they'll retro your arse.

The time to push the matter was several years ago. It's a bit late now.

Indeed. Ironically loan schemes started while DTA was going on and only really got popular after the law was closed.

Of course, perhaps the ultimate lesson is never ever mess with HMRC. Unless you are rich - then it is fine.

[stonehenge]

Indeed. Ironically loan schemes started while DTA was going on and only really got popular after the law was closed.

Of course, perhaps the ultimate lesson is never ever mess with HMRC. Unless you are rich - then it is fine.

Yes, I still can't believe the 2008 retro didn't put people off schemes.

I remember some loan promoters at the time saying DTA was a very special case and not to worry because it can't happen to loans.

I imagine there are still companies out there flogging this crap and signing up yet more mug punters.

[BrilloPad]

Yes, I still can't believe the 2008 retro didn't put people off schemes.

Some went into further schemes to recoup their losses from DTA!

As you say, some are still involved. Astonishing? Maybe not given that HMRC go easy on the promoters. Well easy relative to the poor sods suckered into using their snake oil.

[dammit chloe]

Yes, I still can't believe the 2008 retro didn't put people off schemes.

I remember some loan promoters at the time saying DTA was a very special case and not to worry because it can't happen to loans.

I imagine there are still companies out there flogging this crap and signing up yet more mug punters.

How many people really know or follow such things. Has to become major before people notice. Even with Loan Charge the struggle to get any visibility was tough.

[NickLeeson2]

All these advisers no best but I don't know of anyone who has been given the all clear.

2 options:

1. Settle
2. Loan Charge

Known out come for each event? Nothing, no answer. No close out.

As far as I'm aware all takes and extra HMRC demands are paid up until 2018. Yet I still receive HMRC death threats (information). I will process this years self-assessment with profit share declared. Does this leave me liable for extra tax/ loan charge. I have no idea.

Who knows when the next generic brown letter will arrive with next to no information. It all seems a bit opportunist and uncontrolled.

But what do I know.

[BrilloPad]

How many people really know or follow such things. Has to become major before people notice. Even with Loan Charge the struggle to get any visibility was tough.

There are 2 cases here. Prior to HMRC taking action and afterwards.

Regarding prior, one would hope people would do some sort of research and the message on CUK was very clear - at least from 2008 onwards. Of course the reality is people get an email/call and just go ahead. People are still using schemes now!

Regarding the aftermath, as you say its hard to get attention which is why NTRT was disbanded(though a few joined TAA). LCAG have done an incredible job - far better than my wildest dreams.