Reply to: What is the 2019 Loan Charge?

[nobody123]

An interesting video everyone should watch about the loan charge being discussed in parliament https://youtu.be/cRV1BT1zfzg

[GoneSurfing]

If 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.

My understanding is that loan schemes weren't legislated against until 2010/11... whereas the LC goes back 20 years.

If that's the case, then in the example above HMRC would want the 10 years following the legislation and 10 years before.

[cojak]

If ISA’s were deemed to be avoidance would everyone with an ISA be retrospectively taxed?

If 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.

[u9k82]

Thanks

You 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?

[webberg]

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 ??

You 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.

[u9k82]

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 ??

[GUD]

https://petition.parliament.uk/privacy

My view is our details are going to be shared anyways with the HMRC and we have to either settle or pay loan charge. There is no escape route! So, we should try our best to fight against the decision and support the guy to file this petition.

[madame SasGuru]

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.

https://petition.parliament.uk/privacy

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.

[GUD]

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.

[webberg]

The 2019 charge only applies to loans.

It applies to "any form of credit".

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.

[me206et]

There'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?

164 to be precise.

[MrButton]

What is the 2019 Loan Charge?

There'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?

Neither of those. Well maybe they don’t believe it will have an effect. But ilI don’t think that’s the reason for a poor turnout.

[joed]

https://you.38degrees.org.uk/petitio...r-share-button

https://petition.parliament.uk/petitions/218582

There'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?

[InNZ]

https://you.38degrees.org.uk/petitio...r-share-button

https://petition.parliament.uk/petitions/218582

Laxmi - would it be better to start a new thread for this one?

[Laxmi]

PLease sign these petitions

https://you.38degrees.org.uk/petitio...r-share-button

https://petition.parliament.uk/petitions/218582