What my options are.

[hmrcvictim]

Yes, I wanted advice from Phil / Webberg and will send them PM as per your suggestion.

However, there are so many other intelligent individuals on this forum, such as Loan Ranger, etc. who know better and so I wanted to get their informed opinion as well.

Since receiving the post from HMRC on Monday, from knowing nothing on Monday night to knowing enough now so as not to despair, reading questions posed by others and answers given to them have helped me a lot.

So, unless sharing financially sensitive information, I would like people to share their questions on forum so that others can benefit like I have.

Thanks.

If you want advice from Phil / Webberg, rather than just posting on threads asking for them to comment, contact them directly.

[WTFH]

Hi All, Webberg, Phil, et al:

I am a British citizen presently living in US and I was in UK till Oct 2017. I used E-Cover for 5 months from March 2010 through July 2010 before going the ltd route. I don't know anything about the scheme or trustees and company is dissolved.

On Monday, 15th October, I received a post from HMRC, suggesting that I was involved in such loan scheme. They didn't specify a year or amount.

I only have bank statement from that time and when I added up the 4 loan disbursements that I received during those 5 months, they amount to £26,400.

I haven't had any enquiry from HMRC before Monday.

I am wondering what my options are:

1) CLSO2:

I am afraid I am a bit late to express my interest to settle. Assuming that I express my interest to settle before Monday and I do get opportunity to settle before April 2019, my questions are:

• Will I need to pay any interest? There were no open enquiries from HMRC prior to this letter.
• Will I need to pay any inheritance tax (IHT)? I have no idea how IHT comes into picture here, but I see it mentioned in other posts.
• Will I need to pay any penalty?

2) LC19:

Having made a late start, if I do not get opportunity to settle before April 2019, or if I do not agree with HMRC's take-it-or-leave-it settlement, then I think LC19 is other option. My questions regarding this option are:

• As my loan amount is relatively modest, and as an expat, my UK income is very low (less than £10,000 rental income) I may end up paying 20% tax on Loan brought forward. So, my LC may be less than settlement (in which I would have paid 40% tax on loan amount). Do you think HMRC will take this negatively? In their letter, they seemed really keen that I settle instead of going LC.
• Will I need to pay any interest or penalty with LC? It shouldn't be the case because it is considered 2018-19 income. What do you think?

3) LCAG:

Most preferred option, for all of us. If not settling (depending on advice I receive here), then I plan to sign up and wait for judicial review. If , God forbid, HMRC wins the court battle, then I guess LC it is, which should still be lesser than settlement.

Please help me pick my poison.

Thanks !

If you want advice from Phil / Webberg, rather than just posting on threads asking for them to comment, contact them directly.

[hmrcvictim]

Hi All, Webberg, Phil, et al:

I am a British citizen presently living in US and I was in UK till Oct 2017. I used E-Cover for 5 months from March 2010 through July 2010 before going the ltd route. I don't know anything about the scheme or trustees and company is dissolved.

On Monday, 15th October, I received a post from HMRC, suggesting that I was involved in such loan scheme. They didn't specify a year or amount.

I only have bank statement from that time and when I added up the 4 loan disbursements that I received during those 5 months, they amount to £26,400.

I haven't had any enquiry from HMRC before Monday.

I am wondering what my options are:

1) CLSO2:

I am afraid I am a bit late to express my interest to settle. Assuming that I express my interest to settle before Monday and I do get opportunity to settle before April 2019, my questions are:

• Will I need to pay any interest? There were no open enquiries from HMRC prior to this letter.
• Will I need to pay any inheritance tax (IHT)? I have no idea how IHT comes into picture here, but I see it mentioned in other posts.
• Will I need to pay any penalty?

2) LC19:

Having made a late start, if I do not get opportunity to settle before April 2019, or if I do not agree with HMRC's take-it-or-leave-it settlement, then I think LC19 is other option. My questions regarding this option are:

• As my loan amount is relatively modest, and as an expat, my UK income is very low (less than £10,000 rental income) I may end up paying 20% tax on Loan brought forward. So, my LC may be less than settlement (in which I would have paid 40% tax on loan amount). Do you think HMRC will take this negatively? In their letter, they seemed really keen that I settle instead of going LC.
• Will I need to pay any interest or penalty with LC? It shouldn't be the case because it is considered 2018-19 income. What do you think?

3) LCAG:

Most preferred option, for all of us. If not settling (depending on advice I receive here), then I plan to sign up and wait for judicial review. If , God forbid, HMRC wins the court battle, then I guess LC it is, which should still be lesser than settlement.

Please help me pick my poison.

Thanks !