Edge EBT thread

[Paralytic]

Someone 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

And do you believe (or want to believe) that someone?

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?

[demby]

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.

Someone 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

[webberg]

Suggest you read the settlement deed.

[Seven777]

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.

Is this irrespective of when you settled e.g. a couple of years ago? So if you have the loans written off today, then HMRC will say that IHT and income tax can be ignored?

Thanks.

[webberg]

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.

[ammark]

Hello 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

Hello, I have been able to dig an email address that needs to be contacted in regards to Loans writeoff from Edge consulting. Trustees information is not in public sphere and perhaps it is intended to be so, but they can be get intouch on discreet basis. I have been able to get a writeoff by getting intouch with them on the following email address and I will advise anyone who is looking to do so, do so quickly by writing to:

joe@ballaghennie.com

[webberg]

I 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.

Let's turn this around.

If I can find out, so can you.

Have you tried the IOM FSA?

[eek]

I 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.

It depends what the people who are paying him demby - and given that they are paying for his investigative skills why should anyone else be given the same information for free.

[demby]

I cannot share contact details of somebody who prefers not to do so themselves.

Naming people/firms etc on these threads is also not something the mods like.

The research we did to discover the details belongs to my clients and without their permission I cannot share it.

As I said it was not difficult and should not take you too long.

Why not start by asking the IOM FSA?

I 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.

[webberg]

Can you pleaese care to share your finding as perhaps not everyone is as good as yourself in research. I don't see this information can be this confidential or can go contrary to the interests of this forum.

I cannot share contact details of somebody who prefers not to do so themselves.

Naming people/firms etc on these threads is also not something the mods like.

The research we did to discover the details belongs to my clients and without their permission I cannot share it.

As I said it was not difficult and should not take you too long.

Why not start by asking the IOM FSA?