IQ Consultants, Felicitas Solutions, ECS Trustees - loan repayment demands

[eek]

I'm not sure what your point is?

Its really quite simple, when you joined the scheme you agreed that what you earn from your end client went to the scheme provider in return for the scheme provider paying you an agreed amount of £94 a day.

So the question is who actually got the rest of the money that isn’t explicitly mentioned in the contract and then as a secondary question how did that other money end up in your current account

as that is the whole part of what becomes a philosophical argument, some of us believe it was a loan that will need to be repaid because while the paperwork is missing, the payment itself is enough to prove that a loan is in place (so when they ask for repayment it will need to be repaid) while others believe the lack of paperwork means the loan won’t need to be repaid.

[shampoo]

Its really quite simple, when you joined the scheme you agreed that what you earn from your end client went to the scheme provider in return for the scheme provider paying you an agreed amount of £94 a day.

So the question is who actually got the rest of the money that isn’t explicitly mentioned in the contract and then as a secondary question how did that other money end up in your current account

as that is the whole part of what becomes a philosophical argument, some of us believe it was a loan that will need to be repaid because while the paperwork is missing, the payment itself is enough to prove that a loan is in place (so when they ask for repayment it will need to be repaid) while others believe the lack of paperwork means the loan won’t need to be repaid.

£94 is an arbitrary figure don't get hung up on it ... If you legally owe £10k why would they chase you for a few hundred £ to settle? Trust me if it was legitimate they would come after the full amount. The reason they haven't gone for the full amount is that it's a scam and they're full of tulip!

[shampoo]

has there ever been anyone on here going by the name of oldkentroad999 or oldari999?

[webberg]

£94 is an arbitrary figure don't get hung up on it ... If you legally owe £10k why would they chase you for a few hundred £ to settle? Trust me if it was legitimate they would come after the full amount. The reason they haven't gone for the full amount is that it's a scam and they're full of tulip!

Why should I trust you? I have no idea what sort of knowledge you have of the schemes or of financial documents or tax or financial law.

I do know that I have researched these schemes in a lot of detail and have a lot of information from advisers versed in IOM and UK law.

HMRC will tell you that the difference between the £94 and what you received, is taxable.

A lawyer will tell you that the tax definition means nothing. You received money at the "discretion" of another. What did the parties to the transaction think that money was.

In the absence of a contract of any meaning look at the facts.

the very fact that you paid no tax on the money you claim was taxable income AT THE TIME lessens any argument that it could be legally income. If it is not legally income, what is the next best choice?

[shampoo]

Why should I trust you? I have no idea what sort of knowledge you have of the schemes or of financial documents or tax or financial law.

I do know that I have researched these schemes in a lot of detail and have a lot of information from advisers versed in IOM and UK law.

HMRC will tell you that the difference between the £94 and what you received, is taxable.

A lawyer will tell you that the tax definition means nothing. You received money at the "discretion" of another. What did the parties to the transaction think that money was.

In the absence of a contract of any meaning look at the facts.

the very fact that you paid no tax on the money you claim was taxable income AT THE TIME lessens any argument that it could be legally income. If it is not legally income, what is the next best choice?

You my friend are a balloon knot!

[shampoo]

Now there's a name from the past, yes I remember that name, didn't think they were on this forum

oldkentroad contacted me quite some time ago about a massive data protection breach where he/she came into possession of a 1000's of scheme users' personal details along with their account history.

Makes you wonder what data is floating around the ether!

[regron]

I wouldn't be surprised, the name user was a big player around the EBT schemes way back when, I had my doubts about them as they insisted on the 'you show me yours I'll show you mine' and there was something quite alarming I just didn't quite like, though to get into the closed group they were running was like getting into the masons there were all sorts of checks they were doing. In the end I went directly to a tax lawyer who was instrumental in helping out with the EBT, there was no ambiguity about those schemes, once you were caught and the Rangers case went against us the game was over.

OldKentRoad seemed to think they had found a way around it...

I'm not sure the Rangers case went against us as such. It was very much an own goal from HMRC. Had that case gone against us fully, many of us would have been on the receiving end of follower notices and then the game would have been up.
Hence the Loan Charge was born.

[regron]

Very true it did go to extra time, though I got out before it went to penalties

:-)

[shampoo]

I wouldn't be surprised, the name user was a big player around the EBT schemes way back when, I had my doubts about them as they insisted on the 'you show me yours I'll show you mine' and there was something quite alarming I just didn't quite like, though to get into the closed group they were running was like getting into the masons there were all sorts of checks they were doing. In the end I went directly to a tax lawyer who was instrumental in helping out with the EBT, there was no ambiguity about those schemes, once you were caught and the Rangers case went against us the game was over.

OldKentRoad seemed to think they had found a way around it...

They were definitely phishing for something ... I ignored them at the time but came across the correspondence the other day whilst trawling through old emails. I'm glad I took up HMRC's very first offer to settle ... It also helped massively with the 2019 contractor loan charge.

I'm just hoping anyone caught up in the latest debacle comes out of it ok and doesn't pay a penny to anyone ... It will be interesting to see if any cases end up in court! I very much doubt it but it looks like each scheme has its nuances with regards to contract schedules/T&C's!

[SouthKD]

Why should I trust you? I have no idea what sort of knowledge you have of the schemes or of financial documents or tax or financial law.

I do know that I have researched these schemes in a lot of detail and have a lot of information from advisers versed in IOM and UK law.

HMRC will tell you that the difference between the £94 and what you received, is taxable.

A lawyer will tell you that the tax definition means nothing. You received money at the "discretion" of another. What did the parties to the transaction think that money was.

In the absence of a contract of any meaning look at the facts.

the very fact that you paid no tax on the money you claim was taxable income AT THE TIME lessens any argument that it could be legally income. If it is not legally income, what is the next best choice?

WRONG!!!

Exactly, look at the facts. But you seem to refuse to listen