Things about to get very serious and much more real? / Felicitas Letters

[MrO666]

Has anyone on this thread settled and have had to deal with IHT issues?

Settled with who exactly, HMRC or Felicitas ?

I'm no tax expert at all, however if you had settled the full tax liability for the income (they're not loans remember, it's income) with HMRC, then I'd be surprised if HMRC would come back for a second bite of the cherry. If you mean you paid Felicitas some money to send you a piece of paper, then unless you were to phone HMRC and tell them, then how would they know. Even if you did phone them, I fail to see how a piece of paper would in anyway be taken as genuine evidence that your involvement with a trust had ceased.

Clearly this is an opinion and by no means should be taken as advice in any way at all. That's what tax specialists are for.

[Whowouldhavethought]

Settled with who exactly, HMRC or Felicitas ?

I'm no tax expert at all, however if you had settled the full tax liability for the income (they're not loans remember, it's income) with HMRC, then I'd be surprised if HMRC would come back for a second bite of the cherry. If you mean you paid Felicitas some money to send you a piece of paper, then unless you were to phone HMRC and tell them, then how would they know. Even if you did phone them, I fail to see how a piece of paper would in anyway be taken as genuine evidence that your involvement with a trust had ceased.

Clearly this is an opinion and by no means should be taken as advice in any way at all. That's what tax specialists are for.

I have settled with the HMRC fully, as well as agree a small percentage settlement (with indemnity) from Felicitas-By the sound of it it may be worth chatting to a Tax Specilaist .

[MrO666]

I have settled with the HMRC fully, as well as agree a small percentage settlement (with indemnity) from Felicitas-By the sound of it it may be worth chatting to a Tax Specilaist .

You've paid your tax so I wouldn't feel obliged to ask if they wanted some more. The whole scenario could become very complicated (and expensive), so unless you're a gluten for punishment, I think I'd say nothing, leave it alone and hope you never hear about anything ever again.

[happychap]

I have settled with the HMRC fully, as well as agree a small percentage settlement (with indemnity) from Felicitas-By the sound of it it may be worth chatting to a Tax Specilaist .

Wow, you actuallly paid Feliitas, i understand thats your choice and it may give you some comfort however Felicitas havent given proof that they own the loans/debt.

What happens when another company say they have the loans? do you pay them too?

[Whowouldhavethought]

Wow, you actuallly paid Feliitas, i understand thats your choice and it may give you some comfort however Felicitas havent given proof that they own the loans/debt.

What happens when another company say they have the loans? do you pay them too?

That's why there was an indemnity in my agreement, written by a specialist lawyer - So no, I wouldn't be paying anyone else

[Fred Bloggs]

That's why there was an indemnity in my agreement, written by a specialist lawyer - So no, I wouldn't be paying anyone else

That's an indemnity relating to IoM companies claiming loan ownership rights? So if the next person/company claiming ownership rights is not in the IoM and calls the loans in, the indemnity is useless?

[Whowouldhavethought]

I'll be trusting what was written by the legal expert that I'm covered in all eventualities.

[Albert49]

I'll be trusting what was written by the legal expert that I'm covered in all eventualities.

Did you engage this 'Legal Expert' ? I would have thought that advice and legal indemnity from a uk specialist lawyer that you engaged yourself would cost thousands of pounds, simply because they would have to take a considerable time investing and understanding the situation , however if it is an indemnity supplied by specilist layer that Felicitas introduced to you I would suspect it it worthless.

[Whowouldhavethought]

It was a law firm that is more than aware of Felicitas (and definitely not one recommended by them) - They have a deep understanding of the situation and are working with a number of people caught up in this mess, so I'm confident that I'll be covered.

I think there is a running theme on these threads to seek expert advice, which is what i have done.

[LadyPenelope]

Has anyone on this thread settled and have had to deal with IHT issues?

I did. Not with Felicitas though, I was with ASMG. The trustees (Optimus) and Marra Solution agreed to write off my loans for a fee. Settling does not put you in the frame for IHT with HMRC unless the loans are written off.

A condition of HMRC providing an IHT calculation was that I provided evidence of write off of the loans. So I sent HMRC the letters from the trustees stating confirmation of write-off. HMRC wrote back with an IHT calculation, which I then paid. This was in 2015.