EBT HELL: Assignment Solutions Isle Of Man / Premier Tax Strategies / DMS

[webberg]

I was reading the Edge scheme thread and AlCapone advised someone that they should get the loans written off first, before settling.

I'm not questioning AlCapone's integrity nor his/hers potential knowledge here but as a general rule where the issue is connected with a complex tax matter, I'd be tempted to get professional advice relevant to your circumstances.

You also mentioned that your accountant has seen decided cases that are "similar". I've just searched the FTT and UTT decisions for the last 12 months and can find nothing on all fours with the "contractor loans" situation. I'd be very interested to have some names.

[jbryce]

I'm not questioning AlCapone's integrity nor his/hers potential knowledge here but as a general rule where the issue is connected with a complex tax matter, I'd be tempted to get professional advice relevant to your circumstances.

You also mentioned that your accountant has seen decided cases that are "similar". I've just searched the FTT and UTT decisions for the last 12 months and can find nothing on all fours with the "contractor loans" situation. I'd be very interested to have some names.

There aren't any FTT/UTT decisions relating to contractor EBT loan schemes that any tax lawyer I have spoken to has knowledge of. There is the ToAA applied to Boyle which has an arguable bearing on EBT test cases.

It's fair to say that most accountants are pretty clueless when it comes to EBT/Trusts etc. As are HMRC (see the confusion over IHT for example).

HMRC need to get their act together and get one typical contractor EBT scheme through the courts - unfortunately there are enough differences between schemes that they need to chose one that was implemented well in order to make the general case. Tricky.
Hence settlement which get's them cash without having the nightmare of FTT/UTT etc.

Rangers has been a pain for them as they haven't (yet) won - it's not typical of EBT schemes but, arguably, makes points that Boyle didn't.

Mess.

[webberg]

There aren't any FTT/UTT decisions relating to contractor EBT loan schemes that any tax lawyer I have spoken to has knowledge of. There is the ToAA applied to Boyle which has an arguable bearing on EBT test cases.

It's fair to say that most accountants are pretty clueless when it comes to EBT/Trusts etc. As are HMRC (see the confusion over IHT for example).

HMRC need to get their act together and get one typical contractor EBT scheme through the courts - unfortunately there are enough differences between schemes that they need to chose one that was implemented well in order to make the general case. Tricky.
Hence settlement which get's them cash without having the nightmare of FTT/UTT etc.

Rangers has been a pain for them as they haven't (yet) won - it's not typical of EBT schemes but, arguably, makes points that Boyle didn't.

Mess.

Boyle has limited value as it involves soft loans in non sterling. It would be simple to distinguish it. (I suspect HMRC would say it has precedent but I doubt that).

Murray group is stuck with Ramsay and not making much headway.

Contractor loan schemes based on ToAA have no judicial history I can find.

[MrsB1974]

Thanks Mrs B. Were you with ASIOM? Have you looked into getting the loans written off?

Hi Frodo - no, I haven't - hadn't really given it much thought (yet) to be honest. Wondering how they would track me down if they wanted to recall the loan as I stopped working with them in '06 and have since left the UK.

[webberg]

Hi Frodo - no, I haven't - hadn't really given it much thought (yet) to be honest. Wondering how they would track me down if they wanted to recall the loan as I stopped working with them in '06 and have since left the UK.

The loan was from a trust? Does the trustee still exist? Does the trustee still have your address?

Trust companies can be bought and sold. If AXIOM are out of the picture, the trust company may not be.

Incidentally, is this the AXIOM recently mentioned by the Pensions Ombudsman in his successful action against a series of Umbrella Pension Trust schemes that were ruled illegal?

[MrsB1974]

You also mentioned that your accountant has seen decided cases that are "similar". I've just searched the FTT and UTT decisions for the last 12 months and can find nothing on all fours with the "contractor loans" situation. I'd be very interested to have some names.

Thanks webberg - yes, that's one of the questions I've gone back to them with. Will come back with their reply as soon as I hear.

[MrsB1974]

Just wondering if anyone was aware of this. I was under the impression that the 'fighting fund' that we paid into (from our fees) had vanished along with Premier.

Many of the clients of Tenon are unaware, that part of undertaking certain tax strategies that have been transacted, funds were set aside and have been allocated to third party legal firms in order to provide a group defence in the event of any challenge by HMRC. We know this and we work with former clients to Tenon to ensure that, if you had paid into this fund, that you have access to this group defence. This is a separate fund and the legal firms are independent business to both RSM Tenon and Premier Strategies.

Pasted from Positive (and not cynical) help to former Tenon-Premier Strategies SME Clients | MGC Hayles

Oh wow - how did you find this? Is MGC Hayles a reputable organisation? Has anyone contacted them to find out whether they (the individual) was covered by the 'fighting fund'?

[MrsB1974]

The loan was from a trust? Does the trustee still exist? Does the trustee still have your address?

Trust companies can be bought and sold. If AXIOM are out of the picture, the trust company may not be.

Incidentally, is this the AXIOM recently mentioned by the Pensions Ombudsman in his successful action against a series of Umbrella Pension Trust schemes that were ruled illegal?

Different - it's ASIOM as in Assignment Solutions Isle of Man.

Yes, loans came via a trust. The last address of mine that they have is from eight years ago.

[webberg]

Different - it's ASIOM as in Assignment Solutions Isle of Man.

Yes, loans came via a trust. The last address of mine that they have is from eight years ago.

Thanks - my bad - misread the name.

[webberg]

Oh wow - how did you find this? Is MGC Hayles a reputable organisation? Has anyone contacted them to find out whether they (the individual) was covered by the 'fighting fund'?

Am I being a bit thick here?

I can see the punt from Hales (we can deal with your problems, etc). I can see that some of the people there are connected in some way to the previous RSM Tenon/Premier outfits.

What I can't see on their website is confirmation that they have access to funds previous put aside by Tenon.

I hope it's true and if so should be grabbed with both hands.

All I see however is a punt for business with no promise of access to funds.

Can anybody point me to a better place?