I would assume the large deductions are from where HMRC have exaggerated the figures in the first place.
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Loan Charge review - round #2
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Originally posted by ChimpMaster View PostIt depends how this information had come about.
For example, in my case, HMRC first "estimated" (i.e. deliberately wildly exaggerated) my loan figures so that they were more than double my actual loans. When I pushed back and provided some evidence (which they never even queried, I mean imagine if I had just knocked up a PDF myself...? (though I didn't of course)), then they came back with a revised tax demand that was 40% the value of their initial tax demand.
I hope the rumours you have heard are not based on situations like mine. I hope there are actual reductions being considered and accepted by HMRC.Comment
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Originally posted by Joolsey86 View PostHi Brillo.
Huge reductions of the amount they owe? or do you mean TTP time increases?
Thanks for sharing your info...Comment
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Originally posted by webberg View PostThere is potentially a big difference between a closed year and the situation the HoL had in mind, which is where FULL disclosure was made but HMRC failed to act.
A closed year is HMRC missing the enquiry (sec 9a) deadline or discovery (4 years- se 29) deadline.
However, I now find myself in a difficult space, because I really do not want to pay any monies only to find that the LC review declares that closed years are indeed 'closed'. And to find that I can't get any money back.
I actually know Amyas Morse. He's very thorough, honest, and, above all, transparent. And it won't be swayed by politicians or civil servants. If he believes - similar to his his previous role in the NAO - that HMRC haven't followed a sound process, or that any retrospection can't be legitimate, he will draw this out in his review.
Personally, however, I feel stranded. Beyond doubt, if you read the proposed contract and associated, accompanying literature, it is clear that there is the perceived threat of your non-compliance to the LC process ie if you don't agree to this, and to this deadline, then we may withdraw our offer and you will be then subject to the full LC. There isn't any particularly 'voluntary' about that. They've made it clear that there's a consequence and that it is directly related to the legislation that they have introduced.
So, I am hoping that HMRC have truly suspended their activities. There are some snippets of hope in the documents that they've posted up....with the use of this sentence...."HMRC will update this guidance setting out details of what the next steps are for you if your potential liability to the loan charge changes as a result of the government response to the review."
Examples:
If you have already settled your disguised remuneration loan scheme use and paid
the amount you owe in full
You are not directly affected by the announcement of the review and there is no change to
your tax position at this time.
HMRC will update this guidance setting out details of what the next steps are for you if your
potential liability to the loan charge changes as a result of the government response to the
review.
If you have settled your disguised remuneration loan scheme use but are paying what
you owe in instalments
There is no change to your tax position at this time. You should continue to pay the amounts
you have agreed to pay while the review is ongoing.
HMRC will update this guidance setting out details of what the next steps are for you if your
potential liability to the loan charge changes as a result of the government response to the
review.
If you provided all the required information by 5 April 2019 and are waiting to finalise
your settlement with HMRC
You can continue to finalise your settlement with HMRC if you wish to do so. Settling your
open enquiries and appeals will allow you certainty in your tax affairs. We want to work with
you to finalise your tax affairs and get out of avoidance for good.
HMRC recognise that you may want to wait for the government’s response to the review
before finalising your settlement.
You do not need to submit the additional information return by 30 September 2019 as HMRC
already has the information it needs.
If you choose to settle, HMRC will continue its existing practice of not charging statutory late
payment interest from 1 October 2018, or, if later, the month in which you provided the
required information to HMRC.
HMRC will update this guidance setting out details of what the next steps are for you if your
potential liability to the loan charge changes as a result of the government response to the
review.
It would be great to get some feedback on this.Comment
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Originally posted by Virtualguy View PostYou do not need to submit the additional information return by 30 September 2019 as HMRC already has the information it needs.
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.Scoots still says that Apr 2020 didn't mark the start of a new stock bull market.Comment
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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?Comment
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Originally posted by DealorNoDeal View PostThat 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.Comment
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Anyone commenting not currently signed up with LCAG should do so to help the cause. Without them this review would not even be happening.Comment
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Originally posted by dammit chloe View PostAnyone commenting not currently signed up with LCAG should do so to help the cause. Without them this review would not even be happening.
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.Comment
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Originally posted by Kladderadatsch View PostOriginally posted by dammit chloe View PostAnyone commenting not currently signed up with LCAG should do so to help the cause. Without them this review would not even be happening.
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.
JR is a long haul too.Comment
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