Loan Charge review - round #2

[DavidD]

I’ve deleted this temporarily whilst I check whether it should be posted here. Wait out

[wilks]

Some good news today in that WTT and Keith G. have been invited by Sir AM to give evidence.

The whole process of Review is never going to be perfect, but there are few better people who we could hope to be invited.

_____________

Yes that is very good news, means it aint gonna be a whitewash like some feared with HMRC as secretariat and the review will take feedback from all sides.

[ChimpMaster]

Some good news today in that WTT and Keith G. have been invited by Sir AM to give evidence.

The whole process of Review is never going to be perfect, but there are few better people who we could hope to be invited.

[DavidD]

When you originally sent your TTP ‘agreement’ back to HMRC did they send you anything back? Some instructions or countersigned agreement?

I emailed HMRC and requested an extension to my settlement payment (due next week).
I got the following reply:-

Thank you for your email. Your contract with HMRC is not changed by this review, and the loan charge legislation continues to remain in force. You should continue to pay the amounts you have agreed to pay while the review is ongoing. HMRC will set out if your payment arrangement needs to change once the government has responded to the review.

Should the legislation change after my payment, is there any chance of getting any of my settlement back?

[dammit chloe]

[QUOTE=Kladderadatsch;2680590]

As I imagine its the same for a lot of people on here all the money to pay the loan charge will come as a divi from my limited company. Whilst I understand I am in a luckier position that some, I won't be losing my house, if the divi's can be spread out to avoid a 45% tax rate all the better.

But depends on the penalties of a JR loss.

Think you will need to follow the details of the JR for that. I am not sure what specific penalties there will be, whether it is just interest etc etc.

[Kladderadatsch]

[QUOTE=dammit chloe;2680586]

I have all closed years too. Everyone's situation is different. I have always maintained that while the JR is a tough ask it is necessary to push back against HMRC and that is the main reason I signed up. The more people that push back the more chance of change. There are no guarantees that the JR will do anything although as recent Tax Advisor magazine suggested that our odds were improving because of all the stuff being exposed as HMRC tried to defend themselves.

JR is a long haul too.

As I imagine its the same for a lot of people on here all the money to pay the loan charge will come as a divi from my limited company. Whilst I understand I am in a luckier position that some, I won't be losing my house, if the divi's can be spread out to avoid a 45% tax rate all the better.

But depends on the penalties of a JR loss.

[dammit chloe]

Anyone commenting not currently signed up with LCAG should do so to help the cause. Without them this review would not even be happening.

All closed years. Signed up as a member today.

Thinking about signing up for the Judicial review. Wondering if the fact it would give me some more time to get the money together would be outweighed by potential penalties if the case is lost.

I have all closed years too. Everyone's situation is different. I have always maintained that while the JR is a tough ask it is necessary to push back against HMRC and that is the main reason I signed up. The more people that push back the more chance of change. There are no guarantees that the JR will do anything although as recent Tax Advisor magazine suggested that our odds were improving because of all the stuff being exposed as HMRC tried to defend themselves.

JR is a long haul too.

[Kladderadatsch]

Anyone commenting not currently signed up with LCAG should do so to help the cause. Without them this review would not even be happening.

All closed years. Signed up as a member today.

Thinking about signing up for the Judicial review. Wondering if the fact it would give me some more time to get the money together would be outweighed by potential penalties if the case is lost.

[dammit chloe]

Anyone commenting not currently signed up with LCAG should do so to help the cause. Without them this review would not even be happening.

[dammit chloe]

That seems pretty unequivocal to me.

If I had closed years, there's no way I would settle at the moment. There's a chance you could be handing over huge sums of money that you don't need to, with virtually no prospect of ever getting it back.

Except any information provided in settlement negotiations was done ( or should have been done ) without prejudice so do they legitimately have the information? It's a question, I don't know.