Edge EBT thread

[bedworthlad1972]

Unrepresentation

Latest News: “HMRC start using their advantage on PA Holdings”
SUBJECT: HMRC next action expected by 30 September 2013 !

Previously: ‘’HM Revenue & Customs issue Section 29 TMA 1970 discovery assessments on dormant and current cases for 2008/09’’
As expected HMRC have started putting forward arguments in some of our many long standing cases that the withdrawal of the taxpayer’s appeal in the case of PA Holdings is significant in advancing their arguments that EBT and other loans from 2004/05 to 2010/11 should be treated as UK taxable income.
There are rumours of a number of First Tier Tax Tribunal appeal cases for 2013 and 2014 but HMRC do not issue specific details until the case has been heard, decided and reported.
Many unrepresented contractors feel that their tax problem “has gone away” until HMRC take a further action when they start to panic again!
Contractors should not attempt to deal with HM Revenue & Customs themselves! These operations are being coordinated by Specialist Investigations (Fraud and Avoidance) Office.
In discussions with HMRC, we understand that further actions will be taken later this year and will probably entail further Section 29 income tax assessments for tax years both before and after 2008/09. We also envisage some test appeals will be taken to tribunal on the 2008/09 tax year income tax assessments. Further, National Insurance determinations are very possible as HMRC are losing out as the six year time limit expires on earlier years under the recently introduced legislation which enables them to charge NIC on loans. Finally, some taxpayers who have not cooperated in providing information promptly have been issued with notices under Schedule 36 requiring the production of documents or facing a daily fine.

I'm not sure what representation would actually offer as an advantage. Surely, if the law decides that EBT Loans are taxable income, how can anyone fight it?

[car9908]

Important - Check out the latest tier 2 tribunal for

Revenue Vs Charlton (gabelle tax or accounting web)

HMRC NOT Allowed to use Discovery when sufficient information was disclosed at the time of tax return....

And the case MJ Perry refers to above is B O N U S, not a repayable loan!

[mulberryblue]

I would like to join the group - coule I have Pm rights please?
Thanks

[varunksingh]

Latest News: “HMRC start using their advantage on PA Holdings”
SUBJECT: HMRC next action expected by 30 September 2013 !

Previously: ‘’HM Revenue & Customs issue Section 29 TMA 1970 discovery assessments on dormant and current cases for 2008/09’’
As expected HMRC have started putting forward arguments in some of our many long standing cases that the withdrawal of the taxpayer’s appeal in the case of PA Holdings is significant in advancing their arguments that EBT and other loans from 2004/05 to 2010/11 should be treated as UK taxable income.
There are rumours of a number of First Tier Tax Tribunal appeal cases for 2013 and 2014 but HMRC do not issue specific details until the case has been heard, decided and reported.
Many unrepresented contractors feel that their tax problem “has gone away” until HMRC take a further action when they start to panic again!
Contractors should not attempt to deal with HM Revenue & Customs themselves! These operations are being coordinated by Specialist Investigations (Fraud and Avoidance) Office.
In discussions with HMRC, we understand that further actions will be taken later this year and will probably entail further Section 29 income tax assessments for tax years both before and after 2008/09. We also envisage some test appeals will be taken to tribunal on the 2008/09 tax year income tax assessments. Further, National Insurance determinations are very possible as HMRC are losing out as the six year time limit expires on earlier years under the recently introduced legislation which enables them to charge NIC on loans. Finally, some taxpayers who have not cooperated in providing information promptly have been issued with notices under Schedule 36 requiring the production of documents or facing a daily fine.

Representation yes you need but saying the PA Holdings will apply to all EBTs is not correct. EBTs were legal but had to be administered properly. Their is precedence in law where EBT have been proved legal. PA Holding were using bonues and were completely different to EBT used in last 8-19 years which were generally loan based

[car9908]

FW: HMRC vs Rangers - date set

From Living Life on the Edge on the main thread........

Hi all,

for information, the Upper Tax Tribunal hearing of the HMRC appeal against the Lower Tax Tribunal decision has been set for 19th July, 2013 in Edinburgh:

Reference no.: FTC/19/2013

Appellant: HMRC

Respondent: The former Rangers
Football Club Plc (now
RFC 2012 – in
liquidation)


Date of receipt: 28/01/2013

Hearing date: 19 July 2013

Hearing venue: Edinburgh Tribunal Centre,
George House, 126 George
Street, Edinburgh EH2 4HH

regards

Living life on the Edge

[porrker]

From Living Life on the Edge on the main thread........

Hi all,

for information, the Upper Tax Tribunal hearing of the HMRC appeal against the Lower Tax Tribunal decision has been set for 19th July, 2013 in Edinburgh:

Reference no.: FTC/19/2013

Appellant: HMRC

Respondent: The former Rangers
Football Club Plc (now
RFC 2012 – in
liquidation)


Date of receipt: 28/01/2013

Hearing date: 19 July 2013

Hearing venue: Edinburgh Tribunal Centre,
George House, 126 George
Street, Edinburgh EH2 4HH

regards

Living life on the Edge

Remember that the reason HMRC are chasing Rangers is because the players contracts stated payment dates and amounts from the EBT. HMRC are arguing disguised renumeration. This like PA Holdings case are specific and cannot be applied to all EBT's. As previously stated there is good case law for a well setup EBT.

[djdosroy]

Another for PM Please!

Hi Admin,

Another PM access request please.

Thanks.

[varunksingh]

Rangers

I don't know if this is 100% correct but Ranger EBT issued loans for 10 years and they will have to renewed when 10 years have finished. After EBT law change in Dec 2010, very difficult for them to renew the loans now.

As the other poster said, this is all specific to this case and cannot be applied to all EBTs

[Woods1969]

Edge

Hi,

Does anyone have any new updates from Edge and is there way we can get KPMG to offer some advice on the next steps as Edge are using them as their advisors.

Cheers

[Woods1969]

PM Please

Hi,

Could I also get PM rights please?

Thanks