Edge EBT thread

[Radge]

Quick Question for peace of mind

I was with Norla and got loans of £52.5K during tax year 2009/10. I wasn't with the scheme for any other tax years. If I take the settlement opportunity will I still have to worry about Inheritance Tax liabilities? I essentially don't understand what's going on and would like peace of mind that by using the settlement opportunity (and paying a relatively small tax demand) that this really will be this matter put to bed for good. If I don't have to worry about inheritance tax then do I have to worry about anything else at all if I settle?

[TheHat]

Edge EBT thread

I think that is one of just a handful of fundamental questions for all of us considering settlement. However, my own most pressing question is what happens to the loan legally, if you settle the tax? I'm just not inclined to settle if on one hand HMRC can view the disputed money as income while another party can still view it as a loan and call it in years later.

[AlCapone]

I think that is one of just a handful of fundamental questions for all of us considering settlement. However, my own most pressing question is what happens to the loan legally, if you settle the tax? I'm just not inclined to settle if on one hand HMRC can view the disputed money as income while another party can still view it as a loan and call it in years later.

You should arrange with the trustees to get the loan written off. Only then should you settle.

[Radge]

You should arrange with the trustees to get the loan written off. Only then should you settle.

Would you know (in the case of a Norla EBT) how one would go about doing this?

[AlCapone]

Would you know (in the case of a Norla EBT) how one would go about doing this?

It boils down to tracking down the trustees. Are the scheme providers still around?

[EBTContractor]

It boils down to tracking down the trustees. Are the scheme providers still around?

Promoter no longer around and the trustee dissolved last year.

[AlCapone]

Promoter no longer around and the trustee dissolved last year.

Not sure where that leaves the loans then. Presumably they're written off when the trust gets dissolved.

[StrengthInNumbers]

Trusts cannot be desolved like companies - as far as I know!

[Radge]

RE Question about getting trustees to write the loans off

Can I ask my question in a different way about making arrangements with the trustees to get the loan written off? Has anyone on here done this and if so have you done it with the Norla scheme? If so, how did you go about it?

Or, my loan agreements say that the loans are between myself and "Mapatui Limited as trustee of the Edge Consulting Limited Employee Benefit Trust of 24 Finch Road, Douglas, Isle of Man, IM1 2PS (“the Lender”)". Is it just a case of writing to them at this address? Or is it more a case they won't reply and will just leave me as anxious as ever?

[AlCapone]

Can I ask my question in a different way about making arrangements with the trustees to get the loan written off? Has anyone on here done this and if so have you done it with the Norla scheme? If so, how did you go about it?

Or, my loan agreements say that the loans are between myself and "Mapatui Limited as trustee of the Edge Consulting Limited Employee Benefit Trust of 24 Finch Road, Douglas, Isle of Man, IM1 2PS (“the Lender”)". Is it just a case of writing to them at this address? Or is it more a case they won't reply and will just leave me as anxious as ever?

Had a cursory search, doesn't look like Mapatui are still around. They may have Pheonixed or been bought up. Guess it will take some digging to find where the loans are now.