Loan charge - HMRC update

[LadyPenelope]

Hi everyone

I just got home, found a "changes to loan charge" letter informing me to submit a return disclosing it and pay loan charge by the 31st January, um, tomorrow. I dont even do self assessments any more, they moved me back to PAYE a few years ago.

I settled with HMRC in 2016. Tax+interest and as far as i was concerned, and by look of settlement letter, everything was finished, case closed. From what i can see from a quick search tonight, this letter got sent out to other people who settled and they were just fishing for anything new? Or will i have more to pay on top of the rather large lump of money i gave them?

Ive emailed, and will phone tomorrow but trying to get the feel of whether or not i need to be worried.

I arrived home to this letter tonight also. I settled in 2015, I also had the loans written off and paid the IHT in 2016. I have no other loans. I emailed them with a copy of their Acceptance letter and the cheque. I don't see how you'd have to pay any more if you've settled, written off the loans and paid the IHT. It's alarming to get a letter about this, though. It didn't occur to me that it was fishing, but this kind of makes sense.

[Tengen]

I wasnt able to write off the loans, the companies i dealt with are dissolved and disappeared.

[NeedTheSunshine]

I also got the generic letter today even though I have settled. They are probably just sending it out to everyone so I wouldn't worry.

If it is the generic letter it says you can submit your return by 20th Sept 2020. Or submit by 31st January 2020 and provide provisional figures. You can then amend by September 2020.

You have settled so the loan charge does not affect you. But give them a call to give you peace of mind.

[Tengen]

Thanks for the replies all I suspected as much due to generic nature of the letter. Will follow up with a call of course but spoke to a colleague who go this earlier this year and HMRC said didnt apply.

[NeedTheSunshine]

I arrived home to this letter tonight also. I settled in 2015, I also had the loans written off and paid the IHT in 2016. I have no other loans. I emailed them with a copy of their Acceptance letter and the cheque. I don't see how you'd have to pay any more if you've settled, written off the loans and paid the IHT. It's alarming to get a letter about this, though. It didn't occur to me that it was fishing, but this kind of makes sense.

They aren't fishing, they are just incompetent.

[LadyPenelope]

They aren't fishing, they are just incompetent.

Yes, the words 'You aren't in settlement talks with us' probably means they wrote to anyone they knew had ever had a loan.

I'm going to call them tomorrow too, along with a lot of other disgruntled people, I suspect.

[webberg]

HMRC has sent our 50,000 of these template letters.

They do say that if you have settled you don't need to do anything.

1. Make yourself a tea
2. Read the letter as though you're reading it to somebody else
3. Think about what it says
4. Have another tea

Please read the letter - all of it -not just the headlines.

[lowpaidworker]

After the excellent work of LCAG and the SAMs review and recommendations I see that the APPG membership has increased 20% in the last week or so.

Ive seen comments from David Davis about SAM's recommendations not going far enough and the 2010 date being pulled out of thin air.

Does anyone know o have an understanding of what the purpose of the APPG is and ultimtely their end goal or what realistically they can achieve?

[ToHaLe]

Very stressed and confused

HMRC has sent our 50,000 of these template letters.

They do say that if you have settled you don't need to do anything.

1. Make yourself a tea
2. Read the letter as though you're reading it to somebody else
3. Think about what it says
4. Have another tea

Please read the letter - all of it -not just the headlines.

Loans were taken between 2014-2016.
A self-assessment was never made.
An inquiry by HMRC was never made.
Communication was never ever made by HMRC.

The only ever communication received was this template.
How does friend proceed from here? Don't you have to have at least one year in inquiry?

Very Very stressed.

[webberg]

Ive seen comments from David Davis about SAM's recommendations not going far enough and the 2010 date being pulled out of thin air.

Does anyone know o have an understanding of what the purpose of the APPG is and ultimtely their end goal or what realistically they can achieve?

I don't know what the present agenda of the APPG is.

However the 2010 date is not "pulled out of thin air". That is a myth that unfortunately seems to have gathered some ill deserved credibility.

SAM based that date in when PART 7A of ITEPA was introduced. 9th December 2010.