Originally posted by webberg
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Edge EBT thread
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Originally posted by demby View PostI just can't understand your reluctance to say who the trustees are. Obviously this is public information that you have found on the web. Just because you discovered it when working for a client does not mean that that information belongs to them. If I paid you to find out a football result would you not be able to tell someone else that result without my permission.merely at clientco for the entertainmentComment
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Originally posted by demby View PostI just can't understand your reluctance to say who the trustees are. Obviously this is public information that you have found on the web. Just because you discovered it when working for a client does not mean that that information belongs to them. If I paid you to find out a football result would you not be able to tell someone else that result without my permission.
If I can find out, so can you.
Have you tried the IOM FSA?Best Forum Adviser & Forum Personality of the Year 2018.
(No, me neither).Comment
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Originally posted by ammark View PostHello I received a settelement offer from HMRC which I am willing to accept. I used Edge EBT scheme. The letter advises me to take steps for the loans to be released within 30 days of agreeing settlement with them. If I do, no further tax will be payable on those loans.
May I ask whom to contact on the Edge side for the loans release query and are they willing to release them (intsead of taking advantage of the poor contractors along with Her Majesty).
Thanks
[email protected]Comment
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Make sure that you understand the implications of a loan write off.
HMRC will claim that the write off has two distinct tax implications.
First an IHT charge may be triggered.
Second, an income tax charge.
Both claims are not without their problems and may eventually be proven to be incorrect, but HMRC for the moment at least holds the above to be true.
If you have settled then HMRC will say that the above can be ignored.Best Forum Adviser & Forum Personality of the Year 2018.
(No, me neither).Comment
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Originally posted by webberg View PostMake sure that you understand the implications of a loan write off.
HMRC will claim that the write off has two distinct tax implications.
First an IHT charge may be triggered.
Second, an income tax charge.
Both claims are not without their problems and may eventually be proven to be incorrect, but HMRC for the moment at least holds the above to be true.
If you have settled then HMRC will say that the above can be ignored.
Thanks.Comment
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Suggest you read the settlement deed.Best Forum Adviser & Forum Personality of the Year 2018.
(No, me neither).Comment
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Originally posted by webberg View PostMake sure that you understand the implications of a loan write off.
HMRC will claim that the write off has two distinct tax implications.
First an IHT charge may be triggered.
Second, an income tax charge.
Both claims are not without their problems and may eventually be proven to be incorrect, but HMRC for the moment at least holds the above to be true.
If you have settled then HMRC will say that the above can be ignored.Comment
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Originally posted by demby View PostSomeone has told me that HMRC have said as soon as the settlement is agreed as far as they are concerned the case is closed. No other income tax or inheritance tax to be applied whether the loans are written off or not
If that someone had told you the opposite, would you give the same answer?
On what basis did that someone make that statement? Will they be liable if they are wrong and someone acts on their statement?Comment
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Originally posted by demby View PostSomeone has told me that HMRC have said as soon as the settlement is agreed as far as they are concerned the case is closed. No other income tax or inheritance tax to be applied whether the loans are written off or not
What qualification/experience did they have?
The statement you make is almost certainly untrue in many circumstances.
Please be careful about listening too and/or believing what the man at the socially distanced pub says.Best Forum Adviser & Forum Personality of the Year 2018.
(No, me neither).Comment
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