Had Rangers lost I'd say there'll be little doubt HMRC would consider it 'similar'. Being the other way round though, I'm sure those similarities will have magically vanished! On the whole I'm considering the Rangers case pretty irrelevant, HMRC consider themselves to have other means with which to try skin us.
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....although it's a much more relevant than Boyle. Some EBTs were effective and Rangers shows that in front of a court they will be found so.Originally posted by PeterF View Post
EBTs 1 hMrc 0Comment
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TOAA
It severely limits HMRC to take the angle of "the loans are not loans" - however they still can work with the Transfer of Assets Abroad Argument (which was one factor HMRC won with the Boyle case).
Ultimately for any scheme (I was not with Edge) - with the APN's coming our way the only final closure will be by going before a tribunal. Lets hope some of the stronger more organised schemes get to tribunal first and win... otherwise if a weaker scheme goes first and looses, stronger more organised schemes could be struck down by the follower notices...Comment
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It is a good win for properly implemented EBTs. Although will not stop HMRC as they will start singing more loudly about ToAA now.
HMRC only has ToAA left which I think they will find very hard to win based on.Comment
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Thanks for the responses all.
I have another one for the thread. So for those that have received demands already and requested postponement of payment, what's the view on 'Pay Up First'? - is that the proper term for the rule/law?
I've tried searching this forum and general internet and all I have deduced is that it kicked in last week and is precisely intended to demand monies now, rather than after litigation. So could that mean the already accepted postponements go out the window?
So nice to be considered guilty until proven innocent. 😡
Apologies in advance if this one has already been covered elsewhere. Link would be welcome. 😉Comment
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HMRC issue list of SRN's of schemes liable to receive Accelerated Payment Notices
HMRC have just published the list of Scheme Reference Numbers (SRN's) for disclosed Tax Avoidance schemes. The users of those schemes may be liable to receive an Accelerated Payment Notice (APN) over the coming 20 months, starting August 2014 if the associated legislation receives Royal Assent.
The Edge scheme is included in the list:
https://www.gov.uk/government/public...harged-by-hmrc
No real surprise there, merely confirmation if any was needed."No man in this country is under the smallest obligation, moral or other, so to arrange his legal relations to his business or to his property as to enable the Inland Revenue to put the largest possible shovel into his stores."
Ayrshire Pullman Motor Services v Ritchie v CIR CS 1929 14 TC 754, Lord Clyde.Comment
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HMRC to target those on gross £262k
Originally posted by Living life on the Edge View Post
I checked and the scheme i was associated with and it appears on the HMRC list published today. On The Times article. It states that that 'The individuals affected have a mean gross income of £262,000, HMRC said.' My gross was never more than 60k so i wonder if i will be included?
My liability is low (16K)Comment
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Ouch
Originally posted by varunksingh View Post
So, Rangers was a kick to the balls for HMRC who had, widely touted, that they expected to win. They do lose things. The Law is the Law.
It's debatable if ToAA could be applied to EBTs ( and HMRC know it - as my accountant keeps telling me) and it can't be used as an FN as the Bonkers Boyle's scheme had little resemblance to EBTs anyway.Comment
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So, I'm assuming that the nice letter from HMRC stating 'request for postponement of payment accepted' goes out the window with an APN?
Joy. 😣Comment
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Yes and no. Its still postponed under appeal. You just have to pay them now. If you win you get it back. If you lose you let them keep it and then pay them the outstanding interest and an y applicable penaltiesComment
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