HMRC Enquiry letters on Loans from EBT and other schemes

[Michael J Perry FCA]

Hmrc settlement opportunity

The Contractor Loans Settlement Opportunity has been announced this morning:

Pay up time for offshore loan schemes - HM Revenue & Customs (HMRC)

HM Revenue & Customs: Settlement opportunity: tax on contractor loans

[retrodeath]

I find the offer comical. I'm tempted to call them and tell them that. I'd like to know if they've won 80% of EBT cases, or us it closer to 0%?

What's fair share? Is that tax law made in playgrounds.

This continual waffle about settling up or it will get worse is water off a ducks back for those who don't have what they want to steal from us.

[horrada]

The Contractor Loans Settlement Opportunity has been announced this morning:

Pay up time for offshore loan schemes - HM Revenue & Customs (HMRC)

HM Revenue & Customs: Settlement opportunity: tax on contractor loans

Im happy to be put right, but why would anybody using EBT loan scheme settle.
Example:
Settle - Pay HMRC £100,000 Plus interest £10,000
Not settle - Will still have to pay HMRC £100,000 due to APN's
APN's - Pay HMRC £100,000


Advantages:
Settle - No longer under enquiry
Not Settle - Money is still yours.
APN - Money is still yours.

Disadvantages:
Settle - Lost all your money even though its not tax.
Not Settle - Have to pay APN's and take HMRC to court as group representative for scheme or several schemes identical. Costs minimal as group representation max £1000. Obviously dependent on how many in scheme(s). Will have to pay interest, but would be same if settled as already paid HMRC.

APN - as above.

What I'm trying to understand is what are the advantages regards monies and settling, if there is no different in payment to HMRC apart from interest.

Personally like to be in a group representation and hire the best before he retires, and take the bastards to court!!!

[aexport]

IHT ?

.. also beware wary on this on settlement/calculations ... Not sure of the impact ... 1st time it has appeared.

"Loans from a trust
If your arrangements involved loans from a trust, there may be Inheritance Tax due. If there is, HMRC will let you know in your calculation."

HM Revenue & Customs: Settlement opportunity: tax on contractor loans

[convict]

There's also a handy form (DO3 ) to fill out that gives them all your information. Should I put my ltd down and include my season ticket loan?

[castax]

Any ideas on how the IHT on EBT loans would be calculated?

[retrodeath]

Got my settlement offer letter this morning. Confirmation that I'll be getting an APN. My scheme wasn't registered for DOTAS as far as I know.

Letter says nothing other than to call them to arrange to pay it all back and to reiterate they see the loans as income and have cases to back this up at a tribunal. And by the way, it's really expensive for you to do this and you'll pay more.

Going to call and explain my circumstances.

[peastabrook]

Does the settlement letter confirm you will get an APN?

I got a settlement letter this morning. The scheme I used was not DOTAS registered to our best knowledge. Therefore, I guess APN can not be issued?

Wouldn't it make sense to send these settlement offer letters regardless given the "fear" they are trying to instill?

[Safe]

Got my settlement offer letter this morning. Confirmation that I'll be getting an APN. My scheme wasn't registered for DOTAS as far as I know.

Letter says nothing other than to call them to arrange to pay it all back and to reiterate they see the loans as income and have cases to back this up at a tribunal. And by the way, it's really expensive for you to do this and you'll pay more.

Going to call and explain my circumstances.

What year is this letter related to?

[Golddustz1]

Do3 form

Hi all , as per the recent letter received by hmrc . What is everyone planning to do? I just don't understand the fact that hmrc don't appear to have all the payments as per the request in the do3 for all loan payments received . I know for a fact there estimated calculations backdated for 2008/2009,2009/2010,2010/2011 figures are completely incorrect . I am keen to get an overall picture of what the total calculations of monies due would be. At present have around an estimate off £40000 to pay . Any advice would be much appreciated . I just thought as per the recent rangers win , we would be in a good position to be successful against hmrc .