AML/Knox House Trustloan write off

[AdamIT]

IHT on AML Loan

I also received the same email but my understanding is the following; [with an IHT perspective]

Firstly, no IHT becomes due until the loans have been written off. We do not know yet if any newly appointed trustees will accede to such a request.

Secondly they claim the charge falls in S65 (1) (a) of IHTA 1984 – but for the majority of these trusts a NIL rate band of £325,000 applies.I would have expected these loans to be loans from remuneration trusts, for which there is no IHT.

[patel]

Timelines on writeoff by AML

Any idea on how much is usual time for these guys to respond and confirm write off? Is it in days..weeks or months? As there is no response to email communication for a week at least...

[panders]

Any idea on how much is usual time for these guys to respond and confirm write off? Is it in days..weeks or months? As there is no response to email communication for a week at least...

Mine was within days....I'd say just a couple at the most.

[patel]

Write-off

All,
I had loan from The Corporate Trustee: SP Management Limited in its capacity as Trustee of The SP Management Trading Trust....though, can not trace these entities now.

Any pointers who may be writing-off my loans if there is no trace of actual trust...do not even know where to look for this trust.

Regards,

[dangermaus]

All,
I had loan from The Corporate Trustee: SP Management Limited in its capacity as Trustee of The SP Management Trading Trust....though, can not trace these entities now.

Any pointers who may be writing-off my loans if there is no trace of actual trust...do not even know where to look for this trust.

Regards,

I contacted SP Management directly via email at [email protected] and once I gave them proof of settlement with HMRC they were very quick to write off the loans (within a couple of days)

[Huwmat]

Former AML Contractor now dealing with HMRC through PTS Tax

Hi there follow contractors,

Wondering if any of you have heard of any group legal action being taken against the AML group of companies? I settled their loan charge via Vanquish (now Vanish) Options last year, only to then be landed with the HMRC bill!! I have been on the phone a lot with Knox House Trust and now they are passing me to PTS Tax who want to charge me to appeal. Yet more money thrown at this! The whole thing is a sh*t show if you ask me Grateful for any input on this. Thanks.

[CDJ]

Hi there follow contractors,

Wondering if any of you have heard of any group legal action being taken against the AML group of companies? I settled their loan charge via Vanquish (now Vanish) Options last year, only to then be landed with the HMRC bill!! I have been on the phone a lot with Knox House Trust and now they are passing me to PTS Tax who want to charge me to appeal. Yet more money thrown at this! The whole thing is a sh*t show if you ask me Grateful for any input on this. Thanks.

Unfortunately Huwmat, you've dug yourself a bit of a hole and what you need to do is get good INDEPENDENT advice from a tax specialist. You say you "settled" the loan charge via Vanquish, but this was just a scheme on top of a scheme. Whilst legal action against AML might work, but I wouldn't bet on it - your immediate concern is remediating the tax issues with HMRC.. you can't settle this with another scheme.. I wish you all the best (and believe me, I do you feel your pain having lost my life savings paying HMRC for my EBTs), but you need to stop giving these charlatans your money and start working to properly resolve your situation

[webberg]

You might also want to check out the CVs of the people at PTS.

Independent adviser is the way to go.

(But I would say that wouldn't I?)

[DealorNoDeal]

You might also want to check out the CVs of the people at PTS.

Independent adviser is the way to go.

(But I would say that wouldn't I?)

But in this case it's the only sensible advice.

That Vanquish shyte was never going to end well.

[MKCIARN]

Mine was within days....I'd say just a couple at the most.

Ok so I have settled but over 8 (offered by HMRC) years meaning it wont finish till 2028 - Can I have these written off now?

This was suppose to have been taken care of by my "advisor" who is no longer about!! No Idea if its been done or not anf if I should approach AML or not.

Thanks in advance.