Edge EBT thread

[webberg]

Regarding inheritance tax - would your example actually be valid? Would you get IT on a loan of £50k? I thought there was an allowance of £300k or so before IT kicks in?

The limit is £325k but applies to lifetime transfers.

A settlement to finds to trust and the drawing of those funds in the form of loans is not a lifetime transfer and therefore outside the limit. Instead a lower rate is applied.

there is a poster in the forum (Bobbety) who seems knowledgeable in this area and I recommend you PM him.

[meanttobeworking]

Thanks - will PM but do you happen to know the lower threshold? My total loans were only about £35k.

[SimonJones]

Thanks - will PM but do you happen to know the lower threshold? My total loans were only about £35k.

I believe it's 1% per annum.

So if you were apply this to my example stated previously, it all adds up!

[webberg]

Thanks - will PM but do you happen to know the lower threshold? My total loans were only about £35k.

I don't know - I could find out - it will be after the weekend.

[chr16v]

this might sound like a stupid quesiton but if Norla/Edge no longer exist, then what about the trust? And what about Tennon? So HMRC believe that loan amounts are taxible and of course the loan hasnt yet been repaid, plus the scheme providers no longer exist, so who oversees the administation of the trust now? or is that the whole point, its a black whole.

sorry but i cant be the only person who doesnt understand, especially if potenially the loan coudl be called in by the trust, AND we have paid tax on it.

[StrengthInNumbers]

Most probably trust would exists. Trust have much longer life's than companies. Question is how do you find the trustees?

[Numpity]

New to forum

i am new to this forum. Can anybody tell me how I get pm acces

[gettingangry]

APN advance notice letters

Hi - anyone else got a letter today regarding the impending APNs. Says they are being sent out in the next 1 to 8 weeks.
No payment amounts - these will be on the APN.

You have to pay whatever they say before a final amount is agreed and before you can go to tribunal/court.

Need to pay within 90 days. No info on time to pay. Lots on interest, surcharges & penalties.

No right of appeal - but you can make representations if you think the "conditions for issuing the notice have not been met" or the you think the amount is wrong. These |"representations" need to be done within 90 days from the date of the ANP. You then get a further 30 days from the date they give you a decision. So could stretch it out another 2 months due to incompetencies of HMRC. So argue the toss over a penny and get another 2 months maybe... if everyone does that will slow them down.

[parallelmonogamist]

Hey guys,

I was with Edge for a while but haven't received an APN yet (only the "opportunity" letter last year).

What group are people here joining, and what's my best course of action?
I'm assuming it's:
1. Join a group to fight the bustards
2. Pay the APN if I can
3. Fight, moan.

OR:
1. Move to the Cayman Islands with my money.

Thanks,

Ferg.

[EBTContractor]

APN qualification?

I was with edge too and for one year in question dont "owe" much.

Anyone know if HMRC will issue an APN regardless of the amount?