HMRC Enquiry letters on Loans from EBT and other schemes

[tax is taxing]

HMRC Letter

Had a letter from HMRC today....HMRC Counter-Avoidance...

Essentially states that I have until Jan 2015 to settle with them although no wording on how much.....they say I need to call them for a "quick" discussion on things they would want to calcualte how much to pay....hmm....

Always was going to settle but they say contact them by January and then FROM then they will calculate figures and then I have 90 days to pay....so, if I leave it to the end and contatc them in say December I would probably have to settle by around April-May next year.....

Have all Sanzar users received the letter from Counter avoidance team with reference to BOYLE V HMRC?

It appears from this forum that different threads (scheme users) have mentioned receiving different letters..

[tman786]

legal view on APN

http://www.out-law.com/en/articles/2...ays-expert/his is interesting

[LordF]

Correct link

http://www.out-law.com/en/articles/2...ays-expert/his is interesting

Correct link is:

Use of APN power could backfire on HMRC, says expert

[LandRover]

http://www.out-law.com/en/articles/2...ays-expert/his is interesting

"HMRC aggressive nature" is clearly felt by the tax/accountancy industry.

Why HMRC haven't been given the power to negotiate is clearly the fault of the our illustrious Members of Parliament. Now if HMRC had offered a better incentive of say 50% reduction in demands then you would have seen a much more proactive approach to settle and hence collect monies quicker and at a reduced cost in admin to HMRC. The heavy handed approach taken will not exactly mean many will want to take up the settlement opportunity, and as stated in article, 10-20% not playing ball will result in admin nightmare for HMRC.

[z4thras]

"HMRC aggressive nature" is clearly felt by the tax/accountancy industry.

Why HMRC haven't been given the power to negotiate is clearly the fault of the our illustrious Members of Parliament. Now if HMRC had offered a better incentive of say 50% reduction in demands then you would have seen a much more proactive approach to settle and hence collect monies quicker and at a reduced cost in admin to HMRC. The heavy handed approach taken will not exactly mean many will want to take up the settlement opportunity, and as stated in article, 10-20% not playing ball will result in admin nightmare for HMRC.

I for one would like to see them get aggressive with the Big corporations such as Amazon, Apple , Starbucks etc

[eek]

I for one would like to see them get aggressive with the Big corporations such as Amazon, Apple , Starbucks etc

They are not British companies and therefore it is very difficult to do things. What they can do is pick on smaller UK firms and that is what they are doing...

[Black Sam Bellamy]

I have received the same letter as many others have over the weekend and will be in contact with my provider on Monday. I'm looking for some third-party advice also if possible as the whole experience is already very stressful as I'm sure others can relate to. Can anyone recommend a Tax Accountant who is well versed on these subjects, who I could contact for some professional consultation ?

[varunksingh]

eek would you know how IHT is involved with EBT. It is only recently HMRC has started talking about IHT. It was not raised in AAM case which was offshore EBT and neither in Rangers which was onshore EBT.

[tman786]

I think contacting lawyers with experience in these matter on an individual basis will be very costly and less effective if we approached as a group.

Maybe be advisable to consider creating or using an existing group for individual providers and a main group for all users of tax avoidance umbrellas. I understand some individuals have done this already.

I've chatted to a lawyer who does not specialise in tax but the general advice is, work together with people in similar situation if your old umbrella is dissolved as is in my case with ASMG. Also on the general issue of retrospective tax and dealing with APNs.

[Golddustz1]

Should I respond to hmrc letter ?

They provided me guesstimates regarding tax outstanding rather actual amounts . Should I provide them the correct information ?
Thanks