Heads up: anyone with open loan scheme years

[DealorNoDeal]

Won't Hector have to say there's tax fraud or the like to enable action on pre 2010 tax avoidance schemes? A high bar?

Not if the years are already open, which is probably true in the majority of cases.

HMRC won't like letting go of the closed years, which would have been caught by the pre-Morse LC, but as you say there's not much they can do about them without invoking the 20-year rule for deliberate non-compliance.

[Chevalier]

Won't Hector have to say there's tax fraud or the like to enable action on pre 2010 tax avoidance schemes? A high bar?

Pre 2010, Hoey just makes HMRC’s job easier for open years.

Of course any income from Apr - Dec 2010 is still potentially in scope for discovery if genuinely is overseas.

[Fred Bloggs]

True but it persuaded a lot of people to settle. And, even if some people didn't settle and paid the LC instead, HMRC still got their pound of flesh.

It's the pre-Dec 2010 years that HMRC will have in their sights now. I bet they're still smarting after Morse took them out of scope of the LC.

Won't Hector have to say there's tax fraud or the like to enable action on pre 2010 tax avoidance schemes? A high bar?

[DealorNoDeal]

Remember the loan charge never settled any underlying tax dispute.

True but it persuaded a lot of people to settle. And, even if some people didn't settle and paid the LC instead, HMRC still got their pound of flesh.

It's the pre-Dec 2010 years that HMRC will have in their sights now. I bet they're still smarting after Morse took them out of scope of the LC.

[Chevalier]

No, the 12-year window for offshore is new legislation. It doesn't help HMRC that much with loan schemes because everything since Dec 2010 is already caught by the loan charge.

The Hoey counter-offensive enables HMRC to go after all the pre-Dec 2010 open enquiries.

The 12 year window could also potentially allow HMRC to unlock any years where no discovery / enquiry has been raised to date. It just depends how motivated they are to pursue this.

Remember the loan charge never settled any underlying tax dispute.

[GregRickshaw]

No, the 12-year window for offshore is new legislation. It doesn't help HMRC that much with loan schemes because everything since Dec 2010 is already caught by the loan charge.

The Hoey counter-offensive enables HMRC to go after all the pre-Dec 2010 open enquiries.

Ah okay thank you. To be honest I haven't paid enough attention to the Hoey case, I know he was on here asking for crowd funding.

I wonder if HMRC wanted Hoey to appeal and go to court as they knew this would create something they wanted. Again shudders down the spine for those remaining in the MSC and it's subsequent hearings... and come to think of it anyone with a LTD and an accountancy practice after the tribunal... Dear me...

[DealorNoDeal]

And this all came from the Hoey case?

12 years they can go back even if not open?

What happened to overturn the Loan Charge Morse review can't be the Hoey case overturned all of that surely.

No, the 12-year window for offshore is new legislation. It doesn't help HMRC that much with loan schemes because everything since Dec 2010 is already caught by the loan charge.

The Hoey counter-offensive enables HMRC to go after all the pre-Dec 2010 open enquiries.

[GregRickshaw]

And this all came from the Hoey case?

12 years they can go back even if not open?

What happened to overturn the Loan Charge Morse review can't be the Hoey case overturned all of that surely.

[Chevalier]

I am sure I read it was 12 years and even if they are not open, maybe I read that wrong.

Not just that…. If HMRC are going down the overseas income route there’s some pretty stiff standard penalties (up to 200%) that can apply

[DealorNoDeal]

Just shows how careful the MSC accused have to be in court.

Indeed. You guys wouldn't be in the predicament you're now in if CBS hadn't gone to court.

[GregRickshaw]

I am sure I read it was 12 years and even if they are not open, maybe I read that wrong.

Just shows how careful the MSC accused have to be in court.

[eek]

Which pretty much covers all of them. I don't know of any that didn't involve IoM.

Hoey really is a case that keeps on giving to HMRC...

[DealorNoDeal]

only if the scheme had an overseas element..

Which pretty much covers all of them. I don't know of any that didn't involve IoM.

[eek]

only if the scheme had an overseas element..

[ns1]

Top brass in HMRC have given the green light to use this exceptional discretionary power to specifically target loan schemes.

https://forums.contractoruk.com/hmrc...rate-paye.html

The decision notices are particularly nasty in that there is no right of appeal.

Don't be surprised if you get one for Xmas.