Reply to: HMRC enquiries for Talent Resource Management (TRM) / Cherrylon / Trentburg Schemes

[pateen]

Hey Folks,

Just bumping up this thread. I wondering if anyone has a contact number for any of these companies (Talent, Redding, TT Intellegence etc)

Thanks in advance
Pat

[xtrail]

How can hmrc ask for settlement for loans prior to 2010? They have been taken out of scope by the latest Finance Act ??

Unfortunately not out of scope for protected years.

So to quote from HMRC site.

the loan charge will not apply to outstanding loans made in any tax years before 6 April 2016 where a reasonable disclosure of the use of the tax avoidance scheme was made to HMRC and HMRC did not take action (for example, opening an enquiry)

Disguised remuneration: guidance following the outcome of the independent loan charge review - GOV.UK

[golfmadjunkie]

how is that possible?

I'm in similar situation. I was under the impression that TRM loans were written off when they move to Cherrylon.

I paid an amount to HMRC 2008/2009 under duress where the year was under investigation. I was wondering if it is possible to appeal this ?

I've now a letter asking for a settlement for 2006/2007 which is a protected year.

How can hmrc ask for settlement for loans prior to 2010? They have been taken out of scope by the latest Finance Act ??

[xtrail]

Does anyone out there have any information as to the administration of the schemes?

I'm in the midst of settling with HMRC, but of course I need to ensure that any loans are written off within 30 days of settlement?

FWIW, my understanding was that the loans were written off as part of the scheme. Something tells me that they haven't been, as there's a new company Origin Wealth that's been formed that the guys at FutureLink are suggesting I talk to.

I'm in similar situation. I was under the impression that TRM loans were written off when they move to Cherrylon.

I paid an amount to HMRC 2008/2009 under duress where the year was under investigation. I was wondering if it is possible to appeal this ?

I've now a letter asking for a settlement for 2006/2007 which is a protected year.

[scubi]

Does anyone out there have any information as to the administration of the schemes?

I'm in the midst of settling with HMRC, but of course I need to ensure that any loans are written off within 30 days of settlement?

FWIW, my understanding was that the loans were written off as part of the scheme. Something tells me that they haven't been, as there's a new company Origin Wealth that's been formed that the guys at FutureLink are suggesting I talk to.

[dannyc09]

Afraid so.

As long as they aren't after more!

[DealorNoDeal]

Mine were for 2008-10 following discovery letters. Guess that means no refund.

Afraid so.

[dannyc09]

Only if they were closed years settled, by voluntary restitution, from March 2016 onwards.

FAQ:
https://www.contractoruk.com/forums/...010-loans.html

Mine were for 2008-10 following discovery letters. Guess that means no refund.

[DealorNoDeal]

Anyone received the new loan charges letter today?

If I'm reading it correctly, all loans before Dec 2010 are no longer under charge.

I paid a settlement figure for charges between 2008 and 2010 so should be refunded that settlement figure.

Seems like quite a turn around if I have this right. Fingers crossed!

Only if they were closed years settled, by voluntary restitution, from March 2016 onwards.

FAQ:
https://www.contractoruk.com/forums/...010-loans.html

[dannyc09]

Anyone received the new loan charges letter today?

If I'm reading it correctly, all loans before Dec 2010 are no longer under charge.

I paid a settlement figure for charges between 2008 and 2010 so should be refunded that settlement figure.

Seems like quite a turn around if I have this right. Fingers crossed!

[Iter]

ProbAbly find the insurance doc says they are not liable for any tax loss!

[notalent]

There was Paysheme Ltd, Futurelink Ltd and Talent Holdings Ltd. I have all of the original paperwork sent to me from Talent if you need it prior to taking them up on their services in 2003.

I'm interested to know one thing about Talent. Along with the management fee, there was a separate line item for 'Insurance' running at approx £48 per month in 2009. I really want to know what that insurance scheme was for and what it covers, and whether the insurers are on the hook for this scheme now being subject to tax/penalty.

[TooBlue]

To the best of my knowledge:

The loan charge does not care if a trust was used. It simply asks if a loan was made and cares not about the status of the lender.

The loan charge deals specifically with foreign currency loans.

TRM did not use a trust.

My guess is that if you took a loan in Jupiter Zols to a value of £1,000 sterling and later repaid £5 sterling, then the loan charge will be on £995.

Thanks Webberg for clarifying.

[piebaps]

Yup, the interesting bit would be whether any foreign currency was actually ever purchased!

[ContractorSeven]

In the case of TRM the loans were issued in sterling. They were then internally (and years later) within TRM, without any instruction or knowledge from the recipients of the loans, converted to Zimbabwe Dollars and the sterling value subsequently reduced.

I doubt if it makes any difference to HMRC and the loan charge, but it's a different situation to every other 'foreign currency' loan scheme I've seen. It would be interesting if it ever went to court.