CLSO Says No IHT Due?

[neil99]

This is true but not the whole story.

the charge is calculated quarterly at 0.25% FOR EVER.

If the loan is repaid/written off/forgiven, then a further charge may kick in,.

I think this is something we are looking at in Big Group. I need to ask Graham about this ...

[webberg]

You are right it is 1% per annum.

Be careful with the CLSO, where they say IHT is not currently due/undermined simply means the CLSO is not final. They have left the door open to come back for IHT later.

This is true but not the whole story.

the charge is calculated quarterly at 0.25% FOR EVER.

If the loan is repaid/written off/forgiven, then a further charge may kick in,.

[SimonJones]

Mine says they are unable to determine if IHT is due for the year in question. I'm not sure whether the loan was written off or not and have little hope of getting a response from anyone as the providers are long gone and god knows who the trust providers were. Is anyone aware what the maximum liabiity could be please is it 1% per year?

You are right it is 1% per annum.

Be careful with the CLSO, where they say IHT is not currently due/undermined simply means the CLSO is not final. They have left the door open to come back for IHT later.

[Smokinggunner]

Unable to determine if IHT is due

Mine says they are unable to determine if IHT is due for the year in question. I'm not sure whether the loan was written off or not and have little hope of getting a response from anyone as the providers are long gone and god knows who the trust providers were. Is anyone aware what the maximum liabiity could be please is it 1% per year?

[jbeer]

The CLSO dosen't mention anything about the 10 year rule.

I used to be with Edge. Has any Edge user got an CLSO with or without IHT?

What I can't understand is, on the CLSO it mentions: The trust from which you received the loans satisfied Section 86 IHT Act 1984. Under this section IHT is due, but according to the some of the posts, under the very same section the IHT is not due. Confusing!

What was the earliest loan year on your clso ?

[StrengthInNumbers]

As far as I know IHT is not due for anybody at he moment and HMRC is keeping the door open to come back for it.

[meanttobeworking]

I was with Edge (09/10) and was told no IHT "currently" due. Or due "at this time". Or something like that - can't recall exact words and don't have the letter to hand.

[SimonJones]

IHT in CLSO

Are any of your loans for years that may fall into the 10 year rule ?

The CLSO dosen't mention anything about the 10 year rule.

I used to be with Edge. Has any Edge user got an CLSO with or without IHT?

What I can't understand is, on the CLSO it mentions: The trust from which you received the loans satisfied Section 86 IHT Act 1984. Under this section IHT is due, but according to the some of the posts, under the very same section the IHT is not due. Confusing!

[LandRover]

No IHT for AML trust

Which provider were you with.

I had CSLO with no IHT for period with AML.

[jbeer]

IHT in CLSO

This is strange. I have received my CLSO and says IHT is due.

It reads as follows...

The trust from which you received the loans satisfied Section 86 IHT Act 1984.

Although the statement on my CLSO is exactly same as yours, IHT is still due in my case.
Don't understand!

Are any of your loans for years that may fall into the 10 year rule ?

[bluemonkey71]

Just received my CLSO offer.

It specifically mentions:

No IHT is currently due based on:

The trust from which you received the loans satisfied Section 86 IHT Act

Does this mean If I settle no IHT will be applicable to me.

Has anyone else had the same letter?

Thanks

B

Currently being the operative word.

IHT will be applicable if you subsequently write off the loan.

[webberg]

This is strange. I have received my CLSO and says IHT is due.

It reads as follows...

The trust from which you received the loans satisfied Section 86 IHT Act 1984.

Although the statement on my CLSO is exactly same as yours, IHT is still due in my case.
Don't understand!

It depends on the type of trust.

It may be that schemes with the same name evolved over the period of operation to use different forms of trust.

[SimonJones]

Just received my CLSO offer.

It specifically mentions:

No IHT is currently due based on:

The trust from which you received the loans satisfied Section 86 IHT Act

etc

etc

etc

Does this mean If I settle no IHT will be applicable to me.

Has anyone else had the same letter?

Thanks

B

This is strange. I have received my CLSO and says IHT is due.

It reads as follows...

The trust from which you received the loans satisfied Section 86 IHT Act 1984.

Although the statement on my CLSO is exactly same as yours, IHT is still due in my case.
Don't understand!

[StrengthInNumbers]

Most probably IHT does not apply to a lot of us. It's not like we r getting a deal if IHT or closed years r not included.

[bstar1]

Just received my CLSO offer.

It specifically mentions:

No IHT is currently due based on:

The trust from which you received the loans satisfied Section 86 IHT Act

etc

etc

etc

Does this mean If I settle no IHT will be applicable to me.

Has anyone else had the same letter?

Thanks

B