It appears that Sir Amyas has his doubters according to today's Telegraph. I have no opinion either way but I worry that any fuss regarding his neutrality will have a knock on effect of the proposed review outcome date.
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Reply to: Independent Loan Charge Review
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Previously on "Independent Loan Charge Review"
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Independent Loan Charge Review
It sounds like you have a new loan to repay your agreed settlement? , in this case you have settled and won’t incur the loan charge. You have already settled so whatever happens with the review makes no difference to you. If you have a new genuine loan then you have to pay that back!
Definitely need to clarify your position, worth having a chat with webbergLast edited by Iter; 20 September 2019, 11:30.
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Originally posted by panders View PostI took a loan to repay my loan charge as the psychological impact of having this hanging over my head for the 10 years agreed repayment terms was affecting me. I still have £1700 owing but I am streaks ahead of the proposed repayments and given the review and that I am ahead of payments schedule I wondered if I should pause my payments until the review outcome?
You have a loan to repay the original loan?
Or you have borrowed to pay the loan charge (which is not settlement) due in January next year?
I suspect the former.
You need to get advice - quickly.
Repaying the loan will remove the threat of loan charge, but if you have years under enquiry, you can expect to pay tax in the event that all legal challenges fail.
PM me.
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What would you do?
I took a loan to repay my loan charge as the psychological impact of having this hanging over my head for the 10 years agreed repayment terms was affecting me. I still have £1700 owing but I am streaks ahead of the proposed repayments and given the review and that I am ahead of payments schedule I wondered if I should pause my payments until the review outcome?
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Originally posted by Dmac View PostI'm sure it was put across to him how important it is for his views not to be tainted by his able assistants from HMT and HMRC. I just hope his recommendations take account of the years of HMRC failure, and that HM Government are bound by them.
In my opinion, he is information gathering and assessing the relevance and integrity of the facts at this stage.
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Originally posted by webberg View PostOn Monday 16th September, Graham Webber, Director of Tax at WTT Consulting Ltd, visited Sir Amyas Morse in his capacity as Reviewer of the Loan Charge, appointed by Parliament.
The meeting lasted an hour and was frank and we think useful to all sides.
In particular, Sir Amyas reassured us that he was an independent Reviewer and he would not be swayed by what many see as potentially awkward wording in the Terms of Reference of the Review.
We are confident that he is his own man and will make as thorough and comprehensive review of the situation as time permits.
We expect the final Review conclusion, due in mid November, to be balanced and fair although we reserve the right to continue to challenge the legislation as it stands.
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On Monday 16th September, Graham Webber, Director of Tax at WTT Consulting Ltd, visited Sir Amyas Morse in his capacity as Reviewer of the Loan Charge, appointed by Parliament.
The meeting lasted an hour and was frank and we think useful to all sides.
In particular, Sir Amyas reassured us that he was an independent Reviewer and he would not be swayed by what many see as potentially awkward wording in the Terms of Reference of the Review.
We are confident that he is his own man and will make as thorough and comprehensive review of the situation as time permits.
We expect the final Review conclusion, due in mid November, to be balanced and fair although we reserve the right to continue to challenge the legislation as it stands.
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Originally posted by dammit chloe View PostApart from all that, all good?
Let's face it, it is not a thorough going independent review. Not even close.
It feels like the playing field is tipped so heavily towards HMRC. Grrrrrrr
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Originally posted by webberg View PostWe (WTT) have tonight issued a view on the review.
In summary, we would have liked the Reviewer to have come with rather less history; that the secretariat was not drawn from HMT/HMRC: that the remit could be wider and able to be added to or aided by non HMRC sources.
All clients should look out for this please.
(I am moving house this week so cannot be as active as I would like).
Let's face it, it is not a thorough going independent review. Not even close.
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Originally posted by BrilloPad View Post"The Loan Charge was introduced following 20 years of action against these schemes, which despite considerable action continued to proliferate and be used."
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Independent Loan Charge Review
It’s so ambiguous. I ‘registered an interest’ to settle last year and provided figures for a particular scheme.... so they have the details. However I had then earlier this year decided not to proceed with settlement . So does this mean given that I already ‘discussed’ this and provided details I do not at this stage need to do disclosure! I imagine non disclosure only applies if you actually have an open on-going settlement communication with them.Last edited by Iter; 11 September 2019, 18:38.
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"The Loan Charge was introduced following 20 years of action against these schemes, which despite considerable action continued to proliferate and be used."
What was done in 2017 should have been done in 1999!
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We (WTT) have tonight issued a view on the review.
In summary, we would have liked the Reviewer to have come with rather less history; that the secretariat was not drawn from HMT/HMRC: that the remit could be wider and able to be added to or aided by non HMRC sources.
All clients should look out for this please.
(I am moving house this week so cannot be as active as I would like).
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Originally posted by ChimpMaster View PostAlso makes it clear that if you are in discussions for Settlement (and provided all info by April 5th) then the Oct 1st reporting requirement no longer applies.
I hope I understood that correctly.
"If you provided all the required information by 5 April 2019 and are waiting to finalise
your settlement with HMRC
You can continue to finalise your settlement with HMRC if you wish to do so. Settling your
open enquiries and appeals will allow you certainty in your tax affairs. We want to work with
you to finalise your tax affairs and get out of avoidance for good.
HMRC recognise that you may want to wait for the government’s response to the review
before finalising your settlement.
You do not need to submit the additional information return by 30 September 2019 as HMRC
already has the information it needs.
If you choose to settle, HMRC will continue its existing practice of not charging statutory late
payment interest from 1 October 2018, or, if later, the month in which you provided the
required information to HMRC.
HMRC will update this guidance setting out details of what the next steps are for you if your
potential liability to the loan charge changes as a result of the government response to the
review.
"
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