Originally posted by demby
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Reply to: Loan Charge Judicial Review
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Previously on "Loan Charge Judicial Review"
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Loan Charge Judicial Review
FAQ - Loan Charge Judicial Review EU
They are saying no need to disclose loans in SATR is your advisor agrees with their opinion
If I do not disclose the loans, what stops HMRC from issuing me with late payment penalties and later issuing further penalties up to 100 percent for deliberate non-disclosure? Even if I do not attract penalties, will interest have to be paid if we fail?
This is an important question. First of all, you will have seen either an opinion or a synopsis of an opinion stating that (a) there are good arguments that EU law does override the Loan Charge and (b) you as a taxpayer are entitled to act on this view of EU law if your tax adviser advises you that there is nothing in the particular circumstances of your case disentitling you to rely on it. You must get particular, specific advice from your adviser. Armed with that advice, you are entitled to follow it and, if you have not already disclosed loans, not to disclose them. Suppose EU law does override the Loan Charge. You then had no obligation to disclose and there will be no penalties or interest. Now suppose EU law does not override the Loan Charge, if you have followed professional advice backed by opinions from Counsel with relevant experience, there is no case for penalties but you would have to pay interest and automatic late payment penalties. (ATQC)
They have said in a separate email that is you have no advisor they will provide one for you - for £150. Seeing as that would be the same letter going out to everyone it seems someone is making a killing. 1000 letters = £150,000. Oh well we've got to get the economy going somehow.Tags: None
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