Edge EBT thread

[SimonJones]

IHT

Has any Edge users received a CLSO with or without IHT?
It appears that some people are getting it and some exempt.
Don't understand!

[KRAMB]

Has any Edge users received a CLSO with or without IHT?
It appears that some people are getting it and some exempt.
Don't understand!

I can imagine the decision to apply IHT for the use of a specific Trust arrangement would be consistent for all Members. However, some members may have different domiciliation - I factor in determining liability for this type of Tax.
For eg, I was not UK Tax Resident at the time I was with Edge so I don't expect to be hit for Tax on the Additional Income but would expect to receive a hit for IHT if Edge arrangement is caught in the 'spotlight' - as I am domiciled in the U.K

[IPMAN]

If the general consensus is that loan BIK should not be included in the APN calculations, what advice is their regarding getting it removed ? Appeal to HMRC, quick phone call ? How accommodating are they about

1. understanding what it actually is
2. removing it ?

Apologies, but what is BIK ?

[DotasScandal]

Apologies, but what is BIK ?

You know you can type that exact sentence in Google and it'll tell you?

[KRAMB]

If the general consensus is that loan BIK should not be included in the APN calculations, what advice is their regarding getting it removed ? Appeal to HMRC, quick phone call ? How accommodating are they about

1. understanding what it actually is
2. removing it ?

For one of my APNs BIK was factored into the Total Income Received - through my Agent I have asked this to be removed.

Interestingly, on the APN the amounts expressed for Other Income (Loan) and BIK equal exactly what I received for the Year in Loans. So, I think if reference to BIK is removed the amount for Other Income will increase by the same. If BIK is dropped without altering the other then this would make for a possible saving of just under 4K in tax. I don't know why they only expressed BIK on one APN and not any of the others.

Also, for another APN they used the multiplier of 4 * annual salary. It came in higher than the loan amounts received for the Year so representation made and a possible saving of 2.5K in tax.

[jbeer]

clso progress

Just wondering if anyone else is still waiting to hear back from Hmrc on the clso? I registered on the deadline day but heard nothing since. I guess there will be a lot of cases with people registering as per advice given here.

[regron]

Just wondering if anyone else is still waiting to hear back from Hmrc on the clso? I registered on the deadline day but heard nothing since. I guess there will be a lot of cases with people registering as per advice given here.

Yes, I am in that position and called them the other day. They said they are snowed under with cases to deal with and cannot guarantee that I will hear back with an offer before the 30th September deadline for settling !!!!

When asked for advice, they suggested I make a payment on account. To which I replied (out of curiosity), if I made such payment on account and received my off in say November/December and I refuse the offer, would I get refunded. Wait for this, they said 'YES'

Like I would believe that !!!

Additionally I asked if they thought the 30th September deadline would be extended due to the backlog of cases. They said no, doubt it !

Yet another part of this whole circus gone mad.

[Radge]

How do I find out about who are the current trustees of the Edge Consulting Limited

Hi,
I’ve searched as much of this thread as I can to see if anyone else is looking for the same info as I am but there are only snippets and nothing is conclusive. If anyone knows the following then could you possibly share?:

• Who are the current trustees of the Edge Consulting Limited Employee Benefit Trust (it seems pretty certain from reading the forum that it’s no longer Mapatui as stated on my original loan agreement)?
• How do you get a hold of the latest trust accounts (which apparently (legally) have to be produced and provided to scheme members on request)?
• How do you get a hold of the trust deed?

I’m personally more worried about the implications of having these loans in place and the structure of how the scheme was set up so all help is appreciated.

[jbeer]

Yes, I am in that position and called them the other day. They said they are snowed under with cases to deal with and cannot guarantee that I will hear back with an offer before the 30th September deadline for settling !!!!

When asked for advice, they suggested I make a payment on account. To which I replied (out of curiosity), if I made such payment on account and received my off in say November/December and I refuse the offer, would I get refunded. Wait for this, they said 'YES'

Like I would believe that !!!

Additionally I asked if they thought the 30th September deadline would be extended due to the backlog of cases. They said no, doubt it !

Yet another part of this whole circus gone mad.

Thanks for sharing. I tried calling last week but couldn't get through to anyone. I guess they will argue that we shouldn't have left it so late but a deadline is a deadline. Sounds like it could me messy if you have to pay on account. I'm not sure if paying an apn is the same as payment on accoint in this scenario.

[regron]

Let's be honest. Although a payment on account to CLSO isn't the same as an APN. If you did it and then refused the offer, NO WAY will you see that money back in your bank while this circus is ongoing. I certainly won't be paying anything on account!!!