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

[SimonJones]

It will include IHT. I am getting my calculations done. Checked up about this.

If loan are classed as income than how can HMRC also apply IHT? Isn't this double taxation!

[webberg]

If loan are classed as income than how can HMRC also apply IHT? Isn't this double taxation!

No. see response on the Edge thread.

[100Steve33]

Settlement Opportunity Q&A

"We will restrict settlement to 2010/11, and earlier years for which we have open enquiries or assessments."

So how does this work? Do we ask which years HMRC are interested in first? Do we include everything and then they can exclude irrelevant years?

[MrsB1974]

Hi Neil - I'll pm you about the group. Thanks

Re; IHT - Hector wrote to me and said they wouldn't be charging me IHT.

[MrsB1974]

"We will restrict settlement to 2010/11, and earlier years for which we have open enquiries or assessments."

So how does this work? Do we ask which years HMRC are interested in first? Do we include everything and then they can exclude irrelevant years?

Do you mean in terms of getting a settlement calculation? Don't fill in the form they sent you - give them a call and ask them to send the calc out to you. I gave *no* info as far as years, amounts, etc during the discussion. The woman told me what they had as an amount "in the system" and said a calc would be made based on that and sent to me hard copy.

[neil99]

Hi Neil - I'll pm you about the group. Thanks

Re; IHT - Hector wrote to me and said they wouldn't be charging me IHT.

Wierd. I spoke to Hector and he said they will. Settlers are being advised to get their loans written off. And for this there is IHT charge. (AFAIK)

[DonkeyRhubarb]

Wierd. I spoke to Hector and he said they will. Settlers are being advised to get their loans written off. And for this there is IHT charge. (AFAIK)

I think HMRC have got a coin.

On one side it says IHT.

On the other side it says No IHT.

[Boobetty]

Settlers are being advised to get their loans written off

Interestingly, I don't think HMRC have considered that many of these loans have become statute barred and hence have been effectively written off already once the statutory 6 years have passed. The threat of IHT hanging over our heads for ever is an empty threat thankfully.

My view is this: Don't settle; wait for the APN and pay it if you can. I'll hedge my bets you won't pay NI or IHT on the APN and quite possibly no interest either. Then let HMRC clear the 60,000 backlog of appeal cases before they can even think about IHT and the other punitive charges they think they are going to get.

In the meantime (it will take them 10 years to clear these appeals - and think of the impact on the 'real' day to day cases coming through - it's going to be chaos) you may even get lucky with an amnesty...we live in hope!

[DonkeyRhubarb]

I'll hedge my bets you won't pay NI or IHT on the APN and quite possibly no interest either.

APNs do not include interest.

Paying an APN will cost significantly less than settling.

I'd say it was a no brainer to wait for an APN but each to their own.

[100Steve33]

Do you mean in terms of getting a settlement calculation? Don't fill in the form they sent you - give them a call and ask them to send the calc out to you. I gave *no* info as far as years, amounts, etc during the discussion. The woman told me what they had as an amount "in the system" and said a calc would be made based on that and sent to me hard copy.

Thanks for the advice re calling rather than filling-in the form MrsB. Still gathering info on whether I take the SO or wait and see re APN, etc. I have not joined any group, etc as yet, but am finding lots of posts in this thread and others from those in a similar position.