Edge EBT thread

[IPMAN]

Accepted the settlement finally. Had enquiries open for 3 years.
Received a notice to pay for Enquiry Settlement.
Putting it behind and moving on.....

Assume there were NO penalties?

[DotasScandal]

Assume there were NO penalties?

CLSO doesn't include any penalties (penalties for what, by the way?), only interest.
Remember it's after all an "opportunity"

[csharper]

Assume there were NO penalties?

Correct. No penalties. Only interest that was accumulated over past 7 years. ouch!

[jbeer]

CLSO - IHT

Correct. No penalties. Only interest that was accumulated over past 7 years. ouch!

Did you manage to get any clarification around any potential IHT in the futire ? I am considering settling but waiting to hear from the HMRC IHT team.

[demby]

Hi,

Is Michelle Booth still around and is she still willing to help in any capacity? If so (or if not as the case might be) does anyone have current contact details for her?

I notice that Mapatui, Edge and now Redstone are now dissolved as a companies, am I correct in thinking that our friends from Edge are now under the guise of Bedouin?

Are you sure??

https://portal.gov.im/pvi/CompanyDet...ompany=011526V

[csharper]

Did you manage to get any clarification around any potential IHT in the futire ? I am considering settling but waiting to hear from the HMRC IHT team.

It will apply to you even if you don't agree a settlement and then lose the case in tribunal.

And I am a non-resident non-domicile.

[Tweedle]

Correct. No penalties. Only interest that was accumulated over past 7 years. ouch!

Yeah - 7 years when we had no way of knowing how much or if the taxman was claiming we actually owed anything at all!!!

My enquiries for '05, '06, 07' '08 all said.....I'm looking at your tax return and will let you know if I find anything wrong..... 6 /7 years later we get a bill demanding payment in 90 days!!!! WITH INTEREST!!!!!

still cannot fathom how they can get away with this....

[jbeer]

I can't say I know for certain (but am working on it) but the name Optimus Fiduciaries Ltd keeps cropping up. As you mighty expect IoM based and staffed with a number of familiar names.

Hi, just wondering if you managed to confirm these were the trustees for the edge scheme ?

Also was wodering if anyone knew of edge users having their loans written off ?

[webberg]

Hi, just wondering if you managed to confirm these were the trustees for the edge scheme ?

Also was wodering if anyone knew of edge users having their loans written off ?

Can't help with the trustee question I'm afraid.

I've seen quite a few Edge CLSO calculations with section 72 IHT liabilities. This is apparently because HMRC consider the loans to have become worth less than their original issue value.

What is less clear is why they think that.

I can't imagine that the trustees have been in touch with HMRC nor have I seen any evidence that anybody has a letter from the trustee saying that they no longer need to repay the loan.

Perhaps individuals have been telling HMRC that they have no intentions of paying the loans?

If that were the case however, why am I seeing ALL the calculations with the same result. Again, I can't see that each individual has contacted HMRC.

Curious.

[jbeer]

Thanks.

That does seem strange. I spoke with IHT department and they said the iht liability could only be settled when trustees confirm loan write off. Unless people have asked for a caclulation for iht if it was written off and the clso team have misinterpreted this ? But sounds unlikely from what you say.

Should have asked the question about why the think it applies. Will look into this.