Track the Finance Bill 2020-21 here

[webberg]

Let's be clear (and not pedantic).

I don't "know" what HR plan because I have not seen their reasoning, their proposed wording, any advice they may or may not have.

It would hardly be fair to offer an opinion when I'm not in possession of ALL the facts.

[DealorNoDeal]

Let's be clear (and not pedantic).

I don't "know" what HR plan because I have not seen their reasoning, their proposed wording, any advice they may or may not have.

It would hardly be fair to offer an opinion when I'm not in possession of ALL the facts.

No, but it wasn't that long ago that you were warning people, in no uncertain terms, not to use clever schemes to try and avoid the LC.

Obviously there's a reason you don't want to tar the HR thing with the same brush. Which is fine, and there's no need to elaborate.

[webberg]

No, but it wasn't that long ago that you were warning people, in no uncertain terms, not to use clever schemes to try and avoid the LC.

Obviously there's a reason you don't want to tar the HR thing with the same brush. Which is fine, and there's no need to elaborate.

I was warning people PRE 5th April 2019 not to get involved in structuring to avoid the loan charge.

Whatever HR is doing is clearly not structuring, given the date today.

I'm not tarring HR's position with the same brush as a structured answer because it is a very different position.

[DealorNoDeal]

I was warning people PRE 5th April 2019 not to get involved in structuring to avoid the loan charge.

Whatever HR is doing is clearly not structuring, given the date today.

I'm not tarring HR's position with the same brush as a structured answer because it is a very different position.

Well I guess we'll find out in a few months what HMRC makes of it.

Somehow I don't think they'll make the same distinction as you.

[webberg]

At the risk of stating the bleeding obvious, HMRC will consider ANY means, method, structure, argument or waving of magic wands, on the loan charge unwelcome and will challenge them all.

The ONLY risk free approach to the loan charge is to pay it.

[DealorNoDeal]

At the risk of stating the bleeding obvious, HMRC will consider ANY means, method, structure, argument or waving of magic wands, on the loan charge unwelcome and will challenge them all.

The ONLY risk free approach to the loan charge is to pay it.

On that we can agree.

And, obviously, if you've no hope of paying it (even with TTP) then you haven't got much to lose by rolling the dice with one of the mitigation strategies. I certainly would if I was in that situation.

It's a bit of a tougher call if you can afford to pay it or settle.

[dammit chloe]

On that we can agree.

And, obviously, if you've no hope of paying it (even with TTP) then you haven't got much to lose by rolling the dice with one of the mitigation strategies. I certainly would if I was in that situation.

It's a bit of a tougher call if you can afford to pay it or settle.

And ironically the ones that can't afford to pay probably make up the meat of any revenue the Treasury hopes to gain.

[DealorNoDeal]

And ironically the ones that can't afford to pay probably make up the meat of any revenue the Treasury hopes to gain.

My guess is HMRC have already collected (or are collecting through TTP) the bulk of the money they're going to get. Certainly the "easy" money.

Many people who could settle will already have done so.

I doubt many will have opted not to settle and fall under the loan charge. (The loan charge may work out cheaper for some, especially now it can be spread across 3 years, but for the majority settling still makes the most sense.)

What HMRC will then be left with is the harder stuff:
1) pre-2010 open years
2) people who are skint
3) the LC resistance (HR, BG etc)

And I hope it's fecking hard work for them.

[kryten22uk]

Following agreement by both Houses on the text of the Bill it received Royal Assent on 22 July. The Bill is now an Act of Parliament (law).