Reply to: A painful lesson

[webberg]

The is a company in the UK called Montpelier Professional Ltd.

They have recently been subject to action to recover fees from them. The owner of the fees has now obtained judgment and is pursuing them, probably to insolvency.

Why? Because the claim was against Mr G and he (allegedly) used funds from the company to pay for the defence and therefore a loss is theirs to bear.

All public record.

Also public record is that RBS has a charge of some millions connected to the company and the successful action has led to them joining the party. The information I have is that the RBS positon is secured on certain personal assets which may now of course be subject to legal action.

All public record.

Be an interesting one to keep an eye on.

[washed up contractor]

Because I was warned off by veiled threats from EWG.

Oh dear. Yes, he did that to everyone but many just ignored him.

[GammaMadrid]

EWG?
TAA?

Hmm thinking perhaps settling isn't the right choice.

EWG = Edward Watkin Gittins. He basically is Montpelier. He really upset HMRC. When Ramsey(1955) was closed via Padmore(1989) a loophole was left. Badger Lamont admitted this in parliament. That loophole was used by the rich. EWG used it for non-rich people. HMRC went as far as to strong arm IoM police to make HMRC police officers for the day. HMRC attacked one of his schemes and the court threw it out after HMRC stated their case it was so weak. Sadly he lost when he failed to get his upper tier appeal in on time.

TAA = The Agency Argument. Some decided not to follow EWG and went against him. They are still fighting HMRC. Caused quite a CUK fuss at the time. I wish I had gone with my gut instincts.

[NeedTheSunshine]

I know someone in TAA. I was told yesterday first tier tribunal is due in July. Very best of luck with that.

Yes best of luck to them. I was wondering how that was going. Glad they've got a date for the first tier tribunal.

[sst2019]

Why did you not join TAA?

I remember everyone on CUK saying TAA was a bad idea. I so bitterly regret not joining.

I am not going to miss the Loan Charge boat and I am in touch with Phil now.

EWG?
TAA?

Hmm thinking perhaps settling isn't the right choice.

[stonehenge]

Why did you not join TAA?

Because I was warned off by veiled threats from EWG.

[GammaMadrid]

Was in a scheme 2002 - 2006.

HMRC clobbered it with retro tax in 2008.

Would have been hard but could have settled. Joined the legal fight instead.

Fight lost in 2018. Forced to settle. Had to cough up 15 years of interest.

A whole decade of my life with this hanging over me. Huge psychological impact. All for nothing.

If you can afford to settle, seriously consider it for the sake of your sanity.

Why did you not join TAA?

I remember everyone on CUK saying TAA was a bad idea. I so bitterly regret not joining.

I am not going to miss the Loan Charge boat and I am in touch with Phil now.

[GammaMadrid]

Not sure what 'fight' you were in but the timeline is similar to mine. The fight Im in hasnt been lost in 2018 though and still very much has HMRC on the back foot.

Victory is within sight.

I know someone in TAA. I was told yesterday first tier tribunal is due in July. Very best of luck with that.

[sst2019]

Luckily I was only in for just over 24 months over three tax years - loans were less than 90k and so settlement is 20k with interest.

Have managed to get that down to just over 10k so will be settling.

The IHT situation is now starting to irk me now though as that will be another 10k probably!

Some good hard negotiating then...

[here4beer]

Luckily I was only in for just over 24 months over three tax years - loans were less than 90k and so settlement is 20k with interest.

Have managed to get that down to just over 10k so will be settling.

The IHT situation is now starting to irk me now though as that will be another 10k probably!

What? you mean the initial number was wrong? Not "you got it down"....

[Jedi007]

How did you manage to halve your settlement?

yes how indeed, Tomo1971 can you please shed some light on this? my understanding has been there is no negotiation with HMRC?

[MyxALot]

Why is there IHT on 90k? Threshold is 325k'ish.

Depends on the type of trust used as to whether the threshold is £325 or £0.

However you should argue IHT isn't due at all, but you'd probably need the assistance of a tax advisor to help with that.

[EBTContractor]

Luckily I was only in for just over 24 months over three tax years - loans were less than 90k and so settlement is 20k with interest.

Have managed to get that down to just over 10k so will be settling.

The IHT situation is now starting to irk me now though as that will be another 10k probably!

Why is there IHT on 90k? Threshold is 325k'ish.

[Iter]

Why is IHT so high, thought it was roughly 1% per year

[hudson]

Luckily I was only in for just over 24 months over three tax years - loans were less than 90k and so settlement is 20k with interest.

Have managed to get that down to just over 10k so will be settling.

The IHT situation is now starting to irk me now though as that will be another 10k probably!

How did you manage to halve your settlement?