HMRC Enquiry letters on Loans from EBT and other schemes

[slatt]

I'd be interested to hear if anyone can think of any benefits for settling

For people who only used a scheme for a year or two, or if HMRC have been accurate in their estimations (it must happen occasionally!) Then I can see why they'd want to just get things sorted and get on with their lives....

And of course don't forget all those multi millionaires who laugh at the paltry amounts HMRC are demanding!

[varunksingh]

I'd be interested to hear if anyone can think of any benefits for settling.

Cannot think of any - not at least until courts start to rule clearly against EBTs and SEBTs.

[andyc2000]

If you wait to receive APNs then you can appeal if you believe the amounts are too high,[/B]

Well, I appealed the initial request saying the amount was incorrect (it should be zero) so I guess any amount on the APN is too high...

Sounds like by not appealing you would be agreeing with the amount and therefore your appeal is null and void anyway, I smell a trap.

[DonkeyRhubarb]

Well, I appealed the initial request saying the amount was incorrect (it should be zero) so I guess any amount on the APN is too high...

Sounds like by not appealing you would be agreeing with the amount and therefore your appeal is null and void anyway, I smell a trap.

HMRC is deeming the loans from the EBT as income which is subject to income tax. By appealing an APN you would be disputing the amount they've assessed based on the loans you received.

If you pay an APN, and don't appeal, then all you are doing is accepting that if the loans were treated as income then they've calculated the right amount of tax.

Paying an APN is like a payment on account. It is not accepting liability. The tax is still in dispute.

[andyc2000]

Thanks for the clarification DR.

For anyone that does pay the APN, I presume they would hold the funds in an escrow account of some sort and not class it as revenue, or otherwise, until the dispute is settled...

[DonkeyRhubarb]

For anyone that does pay the APN, I presume they would hold the funds in an escrow account of some sort and not class it as revenue, or otherwise, until the dispute is settled...

Yes, right.

[Penguin]

I'd be interested to hear if anyone can think of any benefits for settling.

I didn't realise, until you said, that we could appeal the amount for any APN. Now I know that, there's no way I am settling as their figures are wrong. So thanks for the information

[Jez123]

If you want to drag things out as long as possible, after receiving an APN, then wait until near the end of the 90 days before lodging an appeal against the amount. (And don't forget to post it recorded delivery so you have proof that you sent it.)

Good advice DR

[DonkeyRhubarb]

Treasury Select Committee

Meeting yesterday.

Player

When questioned on how they will use the powers, Lin Homer said that they will at this stage only seek accelerated payment in cases where there has already been a tribunal decision in their favour. Whether they will then go onto other cases has not yet been decided.

[slatt]

Meeting yesterday

Hi DR, about how far into the committee meeting do they talk about this?