Reply to: Hamilton Rose LC

[Quicksand]

I think it's fair to say that most of the advisers and barristers fighting this have red in their ledger somewhere. Bickering amongst ourselves and slinging mud at rival firms helps no one except possibly HMRC. What I do know is that all this willy waving is pushing some people who are already very close to the edge over it. First we need to remove the Loan Charge and then those of us with open years need to tackle the underlying tax issue(s).

If you haven't already then please, please lobby your MP to kill the Loan Charge.

Agree so much...

I just like to have a plan B if the MPs don’t succeed. ”Plan for the worst hope for the best”.

There aren’t many options and the ”best” - leaving U.K. never to be seen again has been Corona’d... (Although running is hardly a great option!)

[DealorNoDeal]

I think it's fair to say that most of the advisers and barristers fighting this have red in their ledger somewhere. Bickering amongst ourselves and slinging mud at rival firms helps no one except possibly HMRC. What I do know is that all this willy waving is pushing some people who are already very close to the edge over it. First we need to remove the Loan Charge and then those of us with open years need to tackle the underlying tax issue(s).

+1

[LOL17]

I think it's fair to say that most of the advisers and barristers fighting this have red in their ledger somewhere. Bickering amongst ourselves and slinging mud at rival firms helps no one except possibly HMRC. What I do know is that all this willy waving is pushing some people who are already very close to the edge over it. First we need to remove the Loan Charge and then those of us with open years need to tackle the underlying tax issue(s).

If you haven't already then please, please lobby your MP to kill the Loan Charge.

[Albert49]

Ive answered this numerous times in this forum as it happens and im sure you can understand my slight boredom in repeating myself

The APPG themselves did their due diligence on such and indeed on their website is a copy a letter to the then chancellor (hammond) confirming that I was not part of insella other that being a tax advisor who offered tax advice.

To summarise: (yet again)

- I did not ever receive/nor asked for a penny from any scheme EVER including insella
- Im a tax advisor who offered tax advise on such and indeed can find hundreds of lc victims who will confirm ive assisted for free
- The insella transactions were all made pre 5/4/2019 so before the LC existed in law
- Nobody who has used the Insella scheme has ever had an issue with HMRC since but you'd have to ask the people who devised it for confirmation of details as I cant speak for them as im not/never have been/nor ever will be a director of that business

So no, its not 'a bit rich from me' as 'tax advisor correctly offers tax advice' isn't exactly the story of the decade tbh

Hope that helps clarify matters

I did not say you were part of Insella, but that you recommend it, is that correct?
Please correct me if I am wrong but I thought that the LC was law long before 5th April 2019, but that it was the date that outstanding loan balances were in scope for the loan charge.
The fact that no one who used Insella has had any issues with HMRC is hardly surprising since I do not believe anyone at all has had to pay the LC yet.
Can I ask one question, do you think that people who used the Insella scheme are still liable for the loan charge or not?

[yeahitsphil]

Forgive me, but that is a bit rich coming from you since I understand that you recommended the Insella scheme!
Did that remove the liability of the Loan charge for those who used it?

Ive answered this numerous times in this forum as it happens and im sure you can understand my slight boredom in repeating myself

The APPG themselves did their due diligence on such and indeed on their website is a copy a letter to the then chancellor (hammond) confirming that I was not part of insella other that being a tax advisor who offered tax advice.

To summarise: (yet again)

- I did not ever receive/nor asked for a penny from any scheme EVER including insella
- Im a tax advisor who offered tax advise on such and indeed can find hundreds of lc victims who will confirm ive assisted for free
- The insella transactions were all made pre 5/4/2019 so before the LC existed in law
- Nobody who has used the Insella scheme has ever had an issue with HMRC since but you'd have to ask the people who devised it for confirmation of details as I cant speak for them as im not/never have been/nor ever will be a director of that business

So no, its not 'a bit rich from me' as 'tax advisor correctly offers tax advice' isn't exactly the story of the decade tbh

Hope that helps clarify matters

[Albert49]

Insella?

Whether one pays £50 or say £500 it makes no difference as its still being sold a pipe dream which if anything will only increase the purported liability due to penalties and interest. There is no winning outcome to be found with this so called 'option'. People would be better off buying a lottery ticket and hoping the euromillions kick in.
If I was to become a scumbag and suddenly offered some magic beans for sale which would magically remove the LC I honestly think, due to the very understandable desperation that people are feeling, I could be a millionaire within a month. I wont though as im not. Please don't fall for those that are. Of course people are free to disagree but I have zero reason to say this other than 20 years of tax experience, being as qualified as its possible to be in such and having worked in that particular world of dirt for so long.

Forgive me, but that is a bit rich coming from you since I understand that you recommended the Insella scheme!
Did that remove the liability of the Loan charge for those who used it?

[yeahitsphil]

Fully respect you and thank you for all your help... I’m slightly lost tho as I can’t find your name as a CTA member, which is the top tax qualification in the U.K. Perhaps I’ve spelt your name wrong - apologies... just getting very sceptical in my old age and like to know peoples credentials and fact check everything - too many people taking hints from Trump...

Hi

No problem with the question at all. Would've been easier if I still had my old linkedin profile as that evidenced all but I don't so instead:

I spent 15 years at HMRC.
qualified in their internal senior inspector courses (which you'll have to trust me or even ask HMRC themselves that they are the equivalent to the external version hence you not finding me). There is a professional qualification which comes with such but as im not one to care I genuinely don't know what those letters are (the kind similar to CTA and so on).
Then was tech lead on their counter avoidance apn team (not exactly something I advertise in here but since you ask for credentials - many in here can certainly confirm that)
Also ridiculously have a degree (2:1) in what is almost certainly the dullest degree in history of mankind that is the
"professional studies of taxation"
Following that I went of to EY for a few years and obv they wouldve (and did) their due diligence on such. Finally I set up own business.
No way I can especially evidence this I guess but im sure others can vouch for me and in that, despite differences on certain matters, I suspect other advisors will at least confirm that from their dealings with me (and their knowledge of my past) so they can confirm so feel free to ask around. Not that im after anything from you or anyone either way but feel free if you feel the need.

[DealorNoDeal]

Whether one pays £50 or say £500 it makes no difference as its still being sold a pipe dream which if anything will only increase the purported liability due to penalties and interest. There is no winning outcome to be found with this so called 'option'. People would be better off buying a lottery ticket and hoping the euromillions kick in.
If I was to become a scumbag and suddenly offered some magic beans for sale which would magically remove the LC I honestly think, due to the very understandable desperation that people are feeling, I could be a millionaire within a month. I wont though as im not. Please don't fall for those that are. Of course people are free to disagree but I have zero reason to say this other than 20 years of tax experience, being as qualified as its possible to be in such and having worked in that particular world of dirt for so long.

If anyone wants to take a high risk/reward punt on something with better odds than either Hamilton Rose or the lottery, I'm happy to offer suggestions. Bitcoin would be an obvious one.

[Quicksand]

Thanks Phil, it means a lot having some who fundamentally misunderstands the position fighting our corner...

I don’t know these guys, they’re all the same, but this do appear to be an option. And options are things that are in very short supply at the moment...

Can you really see the law being changed given the country is currently printing money like it’s going out of fashion? Someone has to pay and we’re first up on the chopping block...

What is your plan B Phil??

Phil??

[Quicksand]

Of course people are free to disagree but I have zero reason to say this other than 20 years of tax experience, being as qualified as its possible to be in such and having worked in that particular world of dirt for so long.

Fully respect you and thank you for all your help... I’m slightly lost tho as I can’t find your name as a CTA member, which is the top tax qualification in the U.K. Perhaps I’ve spelt your name wrong - apologies... just getting very sceptical in my old age and like to know peoples credentials and fact check everything - too many people taking hints from Trump...

[yeahitsphil]

Isn’t it 3%? Which is significantly less that 5% and shed load less than 45%????

Whether one pays £50 or say £500 it makes no difference as its still being sold a pipe dream which if anything will only increase the purported liability due to penalties and interest. There is no winning outcome to be found with this so called 'option'. People would be better off buying a lottery ticket and hoping the euromillions kick in.
If I was to become a scumbag and suddenly offered some magic beans for sale which would magically remove the LC I honestly think, due to the very understandable desperation that people are feeling, I could be a millionaire within a month. I wont though as im not. Please don't fall for those that are. Of course people are free to disagree but I have zero reason to say this other than 20 years of tax experience, being as qualified as its possible to be in such and having worked in that particular world of dirt for so long.

[DavidD]

Perhaps they forget that the disclosure plan is devised by RVQC who as it happens messed up the JR and if that hadn't messed up then he wouldn't have been able to sell this plan to HR and make another quarter Mill and also....

He is also the guy who designed/QC approved K2 and several other schemes...

[Quicksand]

Options???

My plan and has been for months and clients will agree, is that IM WORKING FOR FREE, with no ongoing payments, and when asked assisting APPG if they ever want advice. Reason I do that is because the only way to change the law which has already occurred (on 5 April 2019) is well.....to change the law via MPs in parliament.

Thanks Phil, it means a lot having some who fundamentally misunderstands the position fighting our corner...

I don’t know these guys, they’re all the same, but this do appear to be an option. And options are things that are in very short supply at the moment...

Can you really see the law being changed given the country is currently printing money like it’s going out of fashion? Someone has to pay and we’re first up on the chopping block...

What is your plan B Phil??

[Quicksand]

I agree with Phil here. At best a cash flow advantage is being used to cover their position in my opinion hen HMRC come knocking. Looking at the HR website they are also charging 5% of loan value - is it more work for them if you have £50K of loans or £100K ....... 5% is also a huge dent in any "cash flow advantage" .

Isn’t it 3%? Which is significantly less that 5% and shed load less than 45%????

[DealorNoDeal]

It looks like Admin's account has been hacked.

From an Isle of Man IP address.