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HMRC nudge letter - "Your use of tax avoidance arrangements - an update "

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    #31
    Originally posted by uffe View Post
    I got this letter recently and am another one who was with Actinium in the mid 2000s. I’d be interested to hear what you have to say DealorNoDeal.

    I have a meeting with an accountant tomorrow and I guess I am looking at how much HMRC are after in terms of a settlement. I received letters about an enquiry being opened back in 2007 but haven’t heard anything from HMRC since, so this has come out of the blue.

    Isn’t there some 4, 6 and 20 year time limit on enquiries? My understanding was that it was only 20 years if HMRC are claiming dishonesty. I guess that’s quite objective, but given I was following the advice I was given at the time, it certainly wasn’t dishonesty on my part, I thought I was in a scheme which followed regulations.
    The enquiry opened in 2007 has no natural expiry date. Time to pay up, I would say. Despite what you were told and believed, the scheme was a tax avoidance vehicle. In the end, you are the person responsible for paying the correct tax on your income, not the scheme. Your accountant can help you check that what HMRC are saying is correct. Conventional wisdom these days is that it's a futile fight if you want to challenge the demand for unpaid tax.
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      #32
      As Fred says, once HMRC have opened an enquiry, there is no time limit on when they have to conclude their investigation. They could sit on it for 100 years. The fact that they are citing Covid as a reason for a (15 year) delay suggests even they're a bit sheepish about it but there's nothing you can do about this. The law allows them to take however long they want.
      Scoots still says that Apr 2020 didn't mark the start of a new stock bull market.

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