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

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    Originally posted by AlCapone View Post
    So if an ex ASIOM person wanted to get loans written off they would need to contact these guys? Has anyone done that?
    If you want to do that (and I can see lots of reasons to do so), then be clear on.

    1. Any fees that might be involved

    2. Whether the write off/forgiveness attracts a UK tax liability (income tax or IHT or both)
    Best Forum Adviser & Forum Personality of the Year 2018.

    (No, me neither).

    Comment


      Originally posted by webberg View Post
      If you want to do that (and I can see lots of reasons to do so), then be clear on.

      1. Any fees that might be involved
      2. Whether the write off/forgiveness attracts a UK tax liability (income tax or IHT or both)
      Sorry, maybe I'm a bit slow. But how would doing the above help with an APN?
      I can't see HMRC gently withdrawing their demand just because you can prove that the loan got written off...
      Help preserve the right to be a contractor in the UK

      Comment


        Originally posted by webberg View Post
        If you want to do that (and I can see lots of reasons to do so), then be clear on.

        1. Any fees that might be involved

        2. Whether the write off/forgiveness attracts a UK tax liability (income tax or IHT or both)
        Is this something BIG GROUP can deal with?

        Comment


          Originally posted by AlCapone View Post
          Is this something BIG GROUP can deal with?
          Yes
          Best Forum Adviser & Forum Personality of the Year 2018.

          (No, me neither).

          Comment


            Originally posted by webberg View Post
            Yes
            Thanks. Is that service part of the membership or is it additional? Has this been done for any ASIOM users yet?

            Comment


              Originally posted by AlCapone View Post
              Thanks. Is that service part of the membership or is it additional? Has this been done for any ASIOM users yet?
              It's part of the service.

              It's not been done for ASIOM or indeed any other scheme to the best of my knowledge. There is a discussion elsewhere on the forum about one firm in the IOM (Optimus Fiduciaries) who apparently have some connection in this regard. Given that they belong to the RSM Network perhaps not surprising.

              It may have happened for individuals but not a whole scheme.

              It's important that the action of forgiveness does not create another tax problem, so understanding that is the first step.

              Then how much fee is required to deal with the debt.

              I'm estimating perhaps 6 to 9 months to get to forgiveness.
              Best Forum Adviser & Forum Personality of the Year 2018.

              (No, me neither).

              Comment


                What is this forgiveness you mention? All the trustees I have spoken to have indicated an admin charge varying from £250-£2500 to write off the loans. Then the IHT issue arises on the write off. Are you saying that a forgiveness of the loan(even though you'll get hit with an admin charge) bypasses IHT altogether?

                Comment


                  Can I be added too plz?

                  Originally posted by Boobetty View Post
                  Neil99 and MrsB. Are you both on the private forum? Perhaps you might post there as I have an interest in the content of your precursor letter and more information to add. If not, PM me and I will contact the mod and have you added.
                  Hi, I am new on the forum. Have received warning letter that an APN will be on its way soon. I am former ASIOM and Penfolds employee.

                  Comment


                    Originally posted by bluemonkey71 View Post
                    What is this forgiveness you mention? All the trustees I have spoken to have indicated an admin charge varying from £250-£2500 to write off the loans. Then the IHT issue arises on the write off. Are you saying that a forgiveness of the loan(even though you'll get hit with an admin charge) bypasses IHT altogether?



                    If this is a viable option then it could draw me towards joining the group.

                    Comment


                      Discovery/Investigation Letters

                      Hi,

                      My understanding is that in order to receive an APN, one had to be sent a discovery/investigation letter specific to the scheme - ASIOM in this case). Is there any way of checking if this letter had been sent to me ? and for which period? Is there a way of confirming I am unaffected?

                      Comment

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