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Reply to: What is the 2019 Loan Charge?
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Previously on "What is the 2019 Loan Charge?"
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An interesting video everyone should watch about the loan charge being discussed in parliament https://youtu.be/cRV1BT1zfzg
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Originally posted by cojak View PostIf ISA’s were legislated against this year but then we’re continued to be sold with dodgy banks and building societies told punters that their ISA was 100% HMRC compliant and that some QC proved it. And despite us telling HMRC that we’ve got these ISA’s HMRC say nothing regarding these dodgy banks (because they’re legal dontcha know - you buying from them isn’t).
Then 10 years later HMRC come knocking on your door saying “Remember that ISA you had 10 years ago? Well we want our tax on that”.
Then yes, iSA users would be in a spot of bother.
If that's the case, then in the example above HMRC would want the 10 years following the legislation and 10 years before.
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Originally posted by u9k82 View PostIf ISA’s were deemed to be avoidance would everyone with an ISA be retrospectively taxed?
Then 10 years later HMRC come knocking on your door saying “Remember that ISA you had 10 years ago? Well we want our tax on that”.
Then yes, iSA users would be in a spot of bother.
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Thanks
Originally posted by webberg View PostYou need to read the definitions in Sch 11 F(No 2) A 2017.
That tells you what loan is outstanding.
Broadly, it's the original loan in sterling, less what ever has been repaid in cash at the sterling equivalent.
So there may be no lender out there with a legal obligation to make you repay, but in the magical world of tax, that loan is still outstanding.
Clear as mud I'm afraid.
Is there a way of talking to HMRC but trying to see what the next 4 weeks holds
Is the new September deadline effectively shaking more apples ?
Is it best to hold nerve? My exposure is nothing like some people on here. I got out after a year.
I genuinely believed the cold call and was convinced it was more compliant than a regular umbrella scheme where maximising expenses was dangerous exposure.
I was told I could write off the loan in a future tax year and take the hit as contracting was a temporary thing for me
I engaged with Gilbert’s straight away who managed to get HMRC to stand down
You get on with your after having a near breakdown and then all of a sudden your ‘closed years’ are now at risk.
I feel let down by the retrospective nature.. I’ve pumped the economy with masses of tax over the past ten years and always lived in shame of my time on the loan scheme
It make a mockery over the whole justice system
If codeine was upgraded to a class A drug would everyone who has bought codeine over the past year be retrospectively punishes
If ISA’s were deemed to be avoidance would everyone with an ISA be retrospectively taxed?
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Originally posted by u9k82 View PostNow please do not hurl abuse at me ... I have written confirmation that my loans were repaid ... even though this as through a foreign currency depreciating the loan.
Does this change anything is it open loans that are under scrutiny ? As far as I’m aware the loan is paid off ??
That tells you what loan is outstanding.
Broadly, it's the original loan in sterling, less what ever has been repaid in cash at the sterling equivalent.
So there may be no lender out there with a legal obligation to make you repay, but in the magical world of tax, that loan is still outstanding.
Clear as mud I'm afraid.
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Opinions needed
Now please do not hurl abuse at me ... I have written confirmation that my loans were repaid ... even though this as through a foreign currency depreciating the loan.
Does this change anything is it open loans that are under scrutiny ? As far as I’m aware the loan is paid off ??
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Originally posted by madame SasGuru View Post
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Originally posted by GUD View PostWorth signing this petition if you oppose the 2019 Loan Charge. We need minimum 10,000 signatures.
https://petition.parliament.uk/petitions/218582
The personal data of petitioner will not be published. Please do not worry about your details, a big IF, shared with HMRC. Don't forget that the scheme provider is going to pass your details anyways in Sep 2019.
We’ll share your details with other government or parliamentary bodies so they can respond to your petition. We may also share your details with government or parliamentary bodies so they can invite you to take part in discussions about the issues raised in your petition.
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sign petition
Worth signing this petition if you oppose the 2019 Loan Charge. We need minimum 10,000 signatures.
https://petition.parliament.uk/petitions/218582
The personal data of petitioner will not be published. Please do not worry about your details, a big IF, shared with HMRC. Don't forget that the scheme provider is going to pass your details anyways in Sep 2019.
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Originally posted by Loan Ranger View PostThe 2019 charge only applies to loans.
Some of the dividend schemes had advances that were meant to be repaid each year by a dividend or share sale.
The advance is a form of credit.
Whether repayment happened or not will be a long debate with HMRC.
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What is the 2019 Loan Charge?
Originally posted by joed View PostThere's less than 200 people on the UK parlaiment petition one. Are people apathetic or does no one believe it will have the slightest effect?
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Originally posted by Laxmi View Post
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Originally posted by Laxmi View Post
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PLease sign these petitions
https://you.38degrees.org.uk/petitio...r-share-button
https://petition.parliament.uk/petitions/218582
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