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Recent content by Cyclonic
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Pension contributions can be used to relieve LC19
Looks like Webberg has taken 20% relief as being 20% of the net contribution (83,333) rather than the gross of 100,000 which HL have used.- Cyclonic
- Post #90
- Forum: HMRC Scheme Enquiries
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Pension contributions can be used to relieve LC19
So for my example of 200k income including loans and a net 80k contribution to a pension I could get further tax relief as a high rate tax payer via my SA. Is this possible? "Claim back even more via your tax return As a 45% top rate taxpayer you can claim back up to an extra £27,100. Your...- Cyclonic
- Post #84
- Forum: HMRC Scheme Enquiries
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Pension contributions can be used to relieve LC19
How would this scenario work out for loan charge liability? Lets say I have 250k of loans. I settle 100k of open years via CLSO2 and leave 150k of closed years to the loan charge. I have 50k of PAYE salary in 18/19 so my total income including unsettled loans is 200k I contribute 80k to my...- Cyclonic
- Post #64
- Forum: HMRC Scheme Enquiries
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HMRC Scheme Enquiries (No Big Group champions or tax advisors here please)
I was thinking I could release equity from my house, will have to do that anyway. It will mean a bigger mortgage but at least I'll keep the equity. Just in my pension fund rather than the house. Once I retire I can use the tax free lump sum to pay off any remaining mortgage.- Cyclonic
- Post #41
- Forum: HMRC Scheme Enquiries
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HMRC Scheme Enquiries (No Big Group champions or tax advisors here please)
Is this the option to use pension allowances to offset the Loan charge? ie pay the money into a pension fund rather than to HMRC? It's something I'm looking into as it seems a good way out of this mess.- Cyclonic
- Post #36
- Forum: HMRC Scheme Enquiries
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What is the 2019 Loan Charge?
Interesting discussion and thankfully some very knowledgeable posters sharing their thoughts. Thank you. Iliketax thinks there is no way out of this other than repaying loans, paying the loan charge or settling under CLSO2? None particularly appealing or affordable, but CLSO2 probably the...- Cyclonic
- Post #273
- Forum: HMRC Scheme Enquiries
