Reply to: 2019 charge - reporting

[HMRC made Atlas Shrug]

I'm still really confused by all this, I wonder if someone could be so kind as to clarify the following for me:

1) If your EBT loan has been formally written off over a decade ago by the trust, with all years closed, is it still caught by the 2019 loan charge? My understanding is yes because the principal loan amount is caught and it doesn't matter what has happened since then with regards to depreciation and writing off etc. (unless it has been repaid in cash). Is this correct?

Thanks.

Food for thought and please note, I don't know so I may be wrong.

My understanding is, whenever a loan is (was) written off or released, HMRC had to be notified with possible IHT implications. My guess, if (since ?) nobody notified HMRC at the time the loan was released, HMMafia will not look kindly on the receiver of the loan. My guess, note this is only my guess, HMMafia will be sending the heavies around.

I suggest getting professional advice and jump the gun if necessary.

[jbryce]

Like others, not currently a member of big group, I'd be very interested in a group against the 2019 charge

Join BG.

[Worried 72]

Like others, not currently a member of big group, I'd be very interested in a group against the 2019 charge

[BrilloPad]

Are them members of the bug group who are discussing and preparing bankruptcy as that i the most likely outcome for myself.

If you might go bankrupt then why wait to join BG?

If you are going bankrupt make sure you spend it before you go.....

[jes107]

Bankruptcy

Are them members of the bug group who are discussing and preparing bankruptcy as that i the most likely outcome for myself.

[jbryce]

If you are impacted by the 2019 charge then joining BG is a no-brainer.

[stonehenge]

The Government stands to collect a fair few £billion from the charge.

They're not going to give any of that up in a hurry.

I wouldn't be surprised to hear them spinning it as "tax avoiders to pay substantial portion of Brexit bill".

[webberg]

Let's be very clear.

The proposed action is to highlight unfairness in the law.

Best outcome would be to have the law changed to remove those elements which may (not will or might or probably) lead to a chance of settlement on reasonable terms.

Worst outcome is to spend some money and get absolutely nothing.

Think carefully.

[Gareth Cheeseman]

I would also be keen to add to the action group to contest this.

[me206et]

Similarly not a member of BG but would be interested in joining a group action.

[JPB]

2019 tax charge

Although not currently a member of big group, I'd be very interested in a group against the 2019 charge

[webberg]

Is there no lobby groups or organised pressure groups/petitions contacting MPs to highlight the unfairness of this legislation?

At the risk of attracting a comment along the lines of a triumph of hope over experience, I will share some information.

There is a group forming to challenge the validity of the 2019 charge.

This group began from a subset of Big Group members but of their own initiative as Big Group is not a legal adviser. Rather the subset will be seeking to use an experienced legal team who are not Big Group, nor WTT.

The group is fully aware that the chance of having the charge removed completely is low.

However, there are a number of features of the charge that render it almost impossible to apply fairly across all those who might be impacted (including actually working out who is impacted). This inherent unfairness of application is an issue that has more chance of success than a simple "I don't care if it's Government policy, retrospection should not be allowed".

So the group is going into this with their eyes open.

We have made available to the group some of our administrative resources. In due course, if the action comes together, we may tender for any tax work that becomes necessary.

In the meantime, the group is looking for expressions of interest in joining - from any contractor past or present - before moving to fund raising and legal action in early 2018.

Leave a name here and in due course, somebody will be in touch.

[BrilloPad]

Is there no lobby groups or organised pressure groups/petitions contacting MPs to highlight the unfairness of this legislation?

I have been through this twice. The first time was a complete disaster. I begged people not to do it a second time round.

The people on the second time round now preach what a complete disaster it is.

Save your money. Join BG. Even if just for settlement advice.

[regron]

Is there no lobby groups or organised pressure groups/petitions contacting MPs to highlight the unfairness of this legislation?

There is, but you won't like the answer

[jes107]

ACCA

I've sent an email to my accountancy professional body for some advice also. Being forced bankrupt could result in me losing my membership and pretty much ruining my life! - Good times!