Loan Charge review - round #2

[zal]

If you can evidence that. pass it to LCAG. That's very naughty of HMRC.

Unfortunately, that was in a telephone call.

[jbryce]

Very true. I was appalled by the DM Dept asking me to take out credit card loan to repay the APN.

If you can evidence that. pass it to LCAG. That's very naughty of HMRC.

[zal]

DMB will be a pain but you can arrange a decent TTP option with them .. .especially if there is no choice .. prepare a list of what you can afford to pay and dont get sucked into borrowing/remortgaging and putting your world at risk

Very true. I was appalled by the DM Dept asking me to take out credit card loan to repay the APN.

[ChargeConcern]

Thank You for taking the time to reply.
Much appreciated

[dammit chloe]

Approx 10 years ago my loans were technically paid off by taking a short term bridging loan to pay off the loan which was later paid off by a distribution from the trust. In this case I thought you needed to report the loan values paid to you from the period. I didn't think there was the option of reporting nothing as HMRC regard the repayment as contrived.

To clarify, I am talking about the trust reporting them.

[Kladderadatsch]

Snap. I was with them. So yes they are in the frame. Venturis trust now holds the Loan Info. Some loans were waived, some were "technically paid off". HMRC has resurrected them and want payment based on the original sterling value. Not sure if CS loans are being reported to HMRC, they have no records of mine, but Horizon ones definitely are.

Sorry.

Approx 10 years ago my loans were technically paid off by taking a short term bridging loan to pay off the loan which was later paid off by a distribution from the trust. In this case I thought you needed to report the loan values paid to you from the period. I didn't think there was the option of reporting nothing as HMRC regard the repayment as contrived.

[dammit chloe]

Thanks I am a bit behind the curve here
I haven't been a Contractor for 15 years so haven't had an Accountant or Tax Advisor for the same amount of time and guess I need to contact one double quick.
The schemes were Contracting Solutions/Lutea & Horizon/Lutea. For CS/Lutea I was told the Loans had been waived in 2006

Snap. I was with them. So yes they are in the frame. Venturis trust now holds the Loan Info. Some loans were waived, some were "technically paid off". HMRC has resurrected them and want payment based on the original sterling value. Not sure if CS loans are being reported to HMRC, they have no records of mine, but Horizon ones definitely are.

Sorry.

[ChargeConcern]

You need speak to an advisor. Most of these types of things are caught but without details impossible to say. A start would be if you were in a scheme, what scheme?

Join LCAG Loan Charge Action Group. Quick search will find it. They are leading the charge politically and note that there is a review now happening.

Thanks I am a bit behind the curve here
I haven't been a Contractor for 15 years so haven't had an Accountant or Tax Advisor for the same amount of time and guess I need to contact one double quick.
The schemes were Contracting Solutions/Lutea & Horizon/Lutea. For CS/Lutea I was told the Loans had been waived in 2006

[ChimpMaster]

I just received this from HMRC:

Thank you for your e-mail which was received on Xxxxx

Following the Prime Minister’s announcement on 4 September 2019, the Chancellor, Sajid Javid, has commissioned an independent review of the Disguised Remuneration Loan Charge led by Sir Amyas Morse, former Chief Executive and Comptroller and Auditor General of the National Audit Office.

While the review is ongoing, the Loan Charge remains in force, in line with current legislation.

We recognise customers may be unclear what they should do for the 30 September information return, and/or settling their disguised remuneration affairs whist the review is underway. To help those affected we have published guidance on GOV.UK which is available at: https://assets.publishing.service.go...review_web.pdf

I got this same email today. It looks like a blanket response to all people who are within the settlement process.

It is very clear from the link that we do not have to report loans for the Sept 30th deadline.

[dammit chloe]

Hi

Sorry this is the wrong place/thread to ask but I am one of the people who knew nothing about the Loan Charge until a mail dropped through my door a few weeks ago. I also apologise if this has been covered elsewhere on the site and I haven't tracked it down
My loans all relate to 15 to 17 years ago
I have been frantically trying to understand and quantify my liability since then. Is anyone able to confirm whether Loans which have been waived (in this case in 2006) and where the EBT was closed over 10 years ago are still liable?

You need speak to an advisor. Most of these types of things are caught but without details impossible to say. A start would be if you were in a scheme, what scheme?

Join LCAG Loan Charge Action Group. Quick search will find it. They are leading the charge politically and note that there is a review now happening.