HMRC Enquiry letters on Loans from EBT and other schemes

[jbryce]

if you're happy and you know it.....

Be careful - EBT's are legal. So is dealing in used cars and investing in undiscovered talent. It's whether or not people are using them correctly and appropriately that's at issue.

HMRC should not have the right to decide if it was a practicable interpretation of the tax laws or not. That is for the courts. This law will remove that protection - forget the rights, wrongs or morale repugnancy of tax avoidance - HMRC should not have the ability to bankrupt someone on the basis that HMRC, the executive, considers that an individuals arrangements may have a similarity with a scheme they successfully beat whilst ignoring similarities with cases which they chose not to pursue.

Bankruptcy practices are going to very busy.....

[TheDandy]

Be careful - EBT's are legal. So is dealing in used cars and investing in undiscovered talent. It's whether or not people are using them correctly and appropriately that's at issue.

What does he need to be careful of. He is not going to argue the legality of EBTs, whether he was entitled legally to use the vehicle, or whether the scheme was properly implemented. On the contrary, the point is to argue that this should be reserved for courts to decide under the current judicial process before any payment is made. Well at least I hope he is going to argue that, and strike home quite forcefully that it is retro legislation - any other explanation is BS!

[malvolio]

HMRC should not have the right to decide if it was a practicable interpretation of the tax laws or not. That is for the courts. [

They do, actually. They hide behind "the intent of the legislation" and the provisions of the GAAR. It's you that raises the court case by appealing the assessment. And from then on you're on the back foot.

This law will remove that protection - forget the rights, wrongs or morale repugnancy of tax avoidance - HMRC should not have the ability to bankrupt someone on the basis that HMRC, the executive, considers that an individuals arrangements may have a similarity with a scheme they successfully beat whilst ignoring similarities with cases which they chose not to pursue.

Again, befehl ist befehl. IT's what they do.

Bankruptcy practices are going to very busy.....

Maybe.

However my point is not about the rights and wrongs, it's about arguing the right thing with the MPs. If you say it's about the legality of the EBT and they are then told by their advisors that EBTs are legal, you not only look silly you've wasted the opportunity to protest. People need to understand fully what it is they're arguing for.

[DonkeyRhubarb]

What does he need to be careful of. He is not going to argue the legality of EBTs, whether he was entitled legally to use the vehicle, or whether the scheme was properly implemented. On the contrary, the point is to argue that this should be reserved for courts to decide under the current judicial process before any payment is made. Well at least I hope he is going to argue that, and strike home quite forcefully that it is retro legislation - any other explanation is BS!

Well said!

[tax is taxing]

MP Visit

Thanks all for sharpening my view.

I only have 15 mins. His Sec was clear about the time restriction. It was easy to get an appt and I strongly suggest that all 6000 plus EBT users should consider this.

I am hoping to get the message of a) retrospection b) hardship, c) hmrc's power to decide who pays and not the courts.

Will up date you next week.

[SantaClaus]

I wouldn't be discouraged at all by negative posts.

I had a 15 min slot booked with my MP and we ended up chatting for 45. Very nice chap he is too.

I think the bit about "guilty until proven innocent" struck a chord. Also, that I'm no millionaire, but live in a rather modest 3 bed terrace on the outskirts of London, yet the govt. would rather bankrupt me and my family than the likes of Google, Starbucks & Amazon.

I also explained the whole reason for using tax planning in the first place, which was to avoid the uncertainty given by IR35.

[vern19]

I wouldn't be discouraged at all by negative posts..

There are surprisingly very few negative posts on this forum other than the odd accountant type trying to frighten people into paying for services. In fact there is only one other poster who likes to pour cold water on anything encouraging.

[vern19]

Soft Targets

Middle class soft targets

HMRC investigations into savers' tax affairs double - Telegraph

[lfcynwa]

MP David Gauke

So my local MP has forwarded a response from Mr Gauke to my / our recent concerns and again I will personally email a copy to those interested if you give me your email addresses.

[tax is taxing]

our concerns

It will be tremendously helpful.

Dear Admin,

Can you give me PM authority please?

Thanks