Loan charge review - Government response is here

[lowpaidworker]

Seems there is a flurry of activity or noise on Twitter re this review. I've just read on a news letter from this site that SAM has been called to appear befroe the LC APPG. They also requested Norman but it would appear he will decline. - See here MPs to quiz Sir Amyas Morse over ‘halfway house’ Loan Charge Review

The review instead of clearing up some of this mess appears to have made matters worse or even more confusing. The reviews concession whilst dressed as milk and honey actually have almost zero impact in terms of pre 2010 finality and zero post that.

Whilst I am not reading too much into it it would appear the SAM review is not the end and this is going to get even more messy. Especially when demands fall on doorsteps that fly in the face of some of the concessions made (Not sell house, half disposable income etc) and these start to get brought to the attention of the LC APPG.

Thoughts ?

[BrilloPad]

Seems there is a flurry of activity or noise on Twitter re this review. I've just read on a news letter from this site that SAM has been called to appear befroe the LC APPG. They also requested Norman but it would appear he will decline. - See here MPs to quiz Sir Amyas Morse over ‘halfway house’ Loan Charge Review

The review instead of clearing up some of this mess appears to have made matters worse or even more confusing. The reviews concession whilst dressed as milk and honey actually have almost zero impact in terms of pre 2010 finality and zero post that.

Whilst I am not reading too much into it it would appear the SAM review is not the end and this is going to get even more messy. Especially when demands fall on doorsteps that fly in the face of some of the concessions made (Not sell house, half disposable income etc) and these start to get brought to the attention of the LC APPG.

Thoughts ?

For a start, why was 2017 legistlation needed if the 2010 legislation put the matter beyond doubt?

I always knew it would be a whitewash. In fact, it reminds me of Children Act 2006. Supposed to make things better for fathers. Actually made them worse. HMRC can still create son-of-LC. Amyas was never independent.

Make no mistake. HMRC are calling the shots here.

[lowpaidworker]

Make no mistake. HMRC are calling the shots here.

they are answerable to MPs / Govt ... OK the MP's or ministers may have let a bit go, turned a blind eye or not understood (think they even admitted to some of this) but its causing noise. I don't know where it ends up but as I said the SAM review seems to be the start and not the end.

I believe they get to debate the review in paliament shortly before making the recommendations law? That might be interesting.

[BrilloPad]

they are answerable to MPs / Govt ... OK the MP's or ministers may have let a bit go, turned a blind eye or not understood (think they even admitted to some of this) but its causing noise. I don't know where it ends up but as I said the SAM review seems to be the start and not the end.

I believe they get to debate the review in paliament shortly before making the recommendations law? That might be interesting.

Only technically. Not in practice.

I believe it will pass in the current whitewash. I hope to be proved wrong.

[dammit chloe]

Only technically. Not in practice.

I believe it will pass in the current whitewash. I hope to be proved wrong.

It being a Finance Bill no Tory is going to vote it down on any Loan Charge issue.

Doesn't mean that there won't be accepted amendments along the way. Said before, that if the Loan Charge goes it will be chipped away at slowly not in one dramatic concession. The latter would look weak and they don't want that.

[NeedTheSunshine]

they are answerable to MPs / Govt ... OK the MP's or ministers may have let a bit go, turned a blind eye or not understood (think they even admitted to some of this) but its causing noise. I don't know where it ends up but as I said the SAM review seems to be the start and not the end.

I believe they get to debate the review in paliament shortly before making the recommendations law? That might be interesting.

HMRC think that they are answerable to nobody. Calling up SAM is good progress. Onwards and upwards!

[vern19]

Settles 2008/9

I settled an open year for 2008/9 during the CLS01 period. Following the review could I now ask for that money to be refunded as I really felt pressured to settle

[regron]

I settled an open year for 2008/9 during the CLS01 period. Following the review could I now ask for that money to be refunded as I really felt pressured to settle

In a word, no.

The review only means that year would no longer be subject to the loan charge. The underlying tax still needs to be resolved, which you have done by settling. Even if they agreed to a refund, you would be back to square one.

[webberg]

I settled an open year for 2008/9 during the CLS01 period. Following the review could I now ask for that money to be refunded as I really felt pressured to settle

If you signed the agreement before March 2016, there is no process by which you can have it rescinded now.

If you felt pressured and can produce evidence of that, then you may have a civil case.

That may be Judicial Review or perhaps some law around coercion.

I suspect that in both instances the level of evidence and proof is high.

[DealorNoDeal]

If you signed the agreement before March 2016, there is no process by which you can have it rescinded now.

Even if it was signed after March 2016, HMRC won't undo it because it was an open year.

Only closed years, which were settled after March 2016, will be refunded.