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New settlement terms

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    #11
    Originally posted by DealorNoDeal View Post
    Wouldn't it be for the entire period covered by the LC ie. 9 December 2010 to 5 April 2016?

    In the document that webberg referred to above, it says:

    "the average annual income provided to the individual through a disguised remuneration scheme to the individual is £75,000 or less in each tax year"

    Which not only appears to contain a typo (repeat of "to the individual") but also this bit doesn't make sense:

    average annual income is £75,000 or less in each tax year
    Poorly worded indeed.

    I'm interpreting this...

    the average annual income provided to the individual through a disguised remuneration scheme to the individual is £75,000 or less in each tax year

    as 75k DR income per annum = 6 years in scope x 75k (i.e. not 75k spread across the 6 years).

    Comment


      #12
      Originally posted by EBTContractor View Post
      Poorly worded indeed.

      I'm interpreting this...

      the average annual income provided to the individual through a disguised remuneration scheme to the individual is £75,000 or less in each tax year

      as 75k DR income per annum = 6 years in scope x 75k (i.e. not 75k spread across the 6 years).
      I wonder if they couldn't decide between

      1) total income for all years / number of years <= 75k
      or
      2) income received in each individual tax year <= 75k

      It's also not clear whether "income" is just the loans or also includes any salary or self-employed earnings.
      Scoots still says that Apr 2020 didn't mark the start of a new stock bull market.

      Comment


        #13
        Originally posted by DealorNoDeal View Post
        I wonder if they couldn't decide between

        1) total income for all years / number of years <= 75k
        or
        2) income received in each individual tax year <= 75k

        It's also not clear whether "income" is just the loans or also includes any salary or self-employed earnings.
        Agreed. Muppet wording subject to all sorts of interpretation.

        Comment


          #14
          Originally posted by EBTContractor View Post
          Agreed. Muppet wording subject to all sorts of interpretation.
          Perhaps an indication of how much effort they're going to put in to collect this "residual tax".

          Residual tax
          Scoots still says that Apr 2020 didn't mark the start of a new stock bull market.

          Comment


            #15
            Originally posted by DealorNoDeal View Post
            Perhaps an indication of how much effort they're going to put in to collect this "residual tax".

            Residual tax
            I'd say so! They'll move onto the next thing once they've achived a 70-80% return on bullying a tax payer into handing over the alleged tax.

            Comment


              #16
              Originally posted by EBTContractor View Post
              I'd say so! They'll move onto the next thing once they've achived a 70-80% return on bullying a tax payer into handing over the alleged tax.
              I suspect the number of people, with a DR income of over £75k/year who've paid the loan charge, will be tiny.

              For most people, with that level of exposure, settling would have worked out less than paying the charge.

              ----------------

              In other words, there'll probably be bugger all residual tax to collect.
              Scoots still says that Apr 2020 didn't mark the start of a new stock bull market.

              Comment


                #17
                Originally posted by DealorNoDeal View Post
                I suspect the number of people, with a DR income of over £75k/year who've paid the loan charge, will be tiny.

                For most people, with that level of exposure, settling would have worked out less than paying the charge.

                ----------------

                In other words, there'll probably be bugger all residual tax to collect.
                Unless you have no other UK income to declare - that way you can use the tax free allowance and lower bands for the silly loan charge.

                Comment


                  #18
                  Settlement interest

                  [QUOTE=webberg;2832228][url=https://www.gov.uk/

                  So if your loans were above £75k you get life crippling tax bill but if under that you walk away Scott free? Is this to 'protect' the nurses and other NHS workers who were victims? Nobody else was victims??

                  Comment


                    #19
                    [QUOTE=Alexisa;2857396][QUOTE=webberg;2832228][url=https://www.gov.uk/

                    So if your loans were above £75k you get life crippling tax bill but if under that you walk away Scott free? Is this to 'protect' the nurses and other NHS workers who were victims? Nobody else was victims??[/QUOTE]

                    You still have to pay the Loan Charge, they just can't be arsed chasing the spare change you have.

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