IHT on AML

[BrilloPad]

I see, so it looks like im stuffed?

No. I think you have the wrong adviser.

I will PM you.

[AdamIT]

AML are just the promotors though?? It wouldn’t matter if they exist or not. The trust doesn’t disappear

I see, so it looks like im stuffed?

[Iter]

AML are just the promotors though?? It wouldn’t matter if they exist or not. The trust doesn’t disappear

[AdamIT]

Adamit - did you pay the settlement / tax or do you mean that you repaid the loans back?

If loans are repaid does this generate IHT?

If you settled by paying the tax liability my understandin is that an IHT could be generated? Others on here though may understand better....

I repaid the settlement tax I believe. My tax advisor claims if AML no longer exist and nothing can be done to write off the loans and the loans still exist there should be no IHT charge then.

no idea if AML still exist though?

[Iter]

Adamit - did you pay the settlement / tax or do you mean that you repaid the loans back?

If loans are repaid does this generate IHT?

If you settled by paying the tax liability my understandin is that an IHT could be generated? Others on here though may understand better....

[AdamIT]

AML respond

AML have actually responded to my email about getting the loans written off.... they mention you have to contact Knox House Trust and provide a copy of HMRC’s letter to confirm that a settlement has been reached/they have accepted the offer.

Has anyone done this?

Is it too late now to get it written off since I have the charge from HMRC already?

[AdamIT]

Hey,

I thought i had settled with AML when I paid back over 100k about 12 months...I recently received a letter from my tax advisor that they have taken the liberty of adding IHT on the duties payable on the assumptions that the loans will be written off.

Does anyone know if they can do this?

My advisor is not aware of how the trust [s] were termed so cannot comment if this is right, but has anyone gone through this? is this a losing battle or something that can be countered?

The same letter mentions that if I settle this it would be a final/full settlement but I just dont believe anything anymore