I'm trying to look for information around what exactly would happen if I were to ask for my loans to be written off and the trust closed and I'm having trouble finding any information on how that would be taxed....
Webberg, is that something the Big Group will be dealing with and helping people sort out?
I'm in the process of settling (I have a relatively small exposure and just want a conclusion to this now) and would like to also get any loan/trust agreement cleared out so it could never come back to bite me in the future, but I can't find any solid information on how to do this or what the tax implications would be.
I have a letter from HMRC stating that the trust does not have to pay the 10 year charge, which leads me to believe that its accruing 1% charges each year and so I would currently have to pay 5% if it were closed today - is that correct or am I over simplifying?
Many thanks for any help you can give!
Webberg, is that something the Big Group will be dealing with and helping people sort out?
I'm in the process of settling (I have a relatively small exposure and just want a conclusion to this now) and would like to also get any loan/trust agreement cleared out so it could never come back to bite me in the future, but I can't find any solid information on how to do this or what the tax implications would be.
I have a letter from HMRC stating that the trust does not have to pay the 10 year charge, which leads me to believe that its accruing 1% charges each year and so I would currently have to pay 5% if it were closed today - is that correct or am I over simplifying?
Many thanks for any help you can give!
