HMRC settlement Deadlines/delays and the LC

[phil@pmtc]

I'll take a stab at answering and Phil can correct as necessary.

Nothing to correct! Thanks Loan Ranger.
For the last one, id add that HMRC disagree that the loans don't fall under the LC.

[phil@pmtc]

I have taken a stab, and Phil can correct as necessary.

Again all good, thanks again.

It is v v strange that you have confirmation no need to file return despite being in a scheme!?

Regarding suing the scheme provider, I believe some legal firms are offering such a service but I'm not a lawyer so in no position to really assist. I can say that historically people have been successful in such a thing but again, ive no idea on the detail and I'm not a legal specialist

[Crypto1]

Nothing to correct! Thanks Loan Ranger.
For the last one, id add that HMRC disagree that the loans don't fall under the LC.

Hi Phil, thanks for the comments. Can you please elaborate slightly on the last point. Various folks have told me that payments from SPM coming via Malta are not subject to the charges for that HMRC see the same.

[phil@pmtc]

Hi Phil, thanks for the comments. Can you please elaborate slightly on the last point. Various folks have told me that payments from SPM coming via Malta are not subject to the charges for that HMRC see the same.

Not much more that I can say, I don't have details of the payments to offer my own opinion, just stating I was informed otherwise by HMRC (though admittedly unofficially). Given the history of the promoter and their confidence that their old schemes were also fine, id tread v carefully and I suggest that they best way to find out whether HMRC agree is to ask HMRC (that last sentence isn't meant to sound as rude or as patronising as it now seems now that i've typed it!)
I'll perhaps look into it more tomorrow if I have time,

[Crypto1]

Not much more that I can say, I don't have details of the payments to offer my own opinion, just stating I was informed otherwise by HMRC (though admittedly unofficially). Given the history of the promoter and their confidence that their old schemes were also fine, id tread v carefully and I suggest that they best way to find out whether HMRC agree is to ask HMRC (that last sentence isn't meant to sound as rude or as patronising as it now seems now that i've typed it!)
I'll perhaps look into it more tomorrow if I have time,

Thanks Phil. I am leaving the scheme in any case but it would be interesting to know.

Sorry couple more questions, given my loans are unprotected what does that specifically mean HRMC either can or cannot do?

Also if I declare on one year and not the other (as I am working out if this is indeed taxable) is that enough for HMRC. Or will they come back for more. It seems like so many people are affected. If they rake in billions then all well and good right? It seems like their resources will be so stretched in any case. Being totally honest many people will not choose to declare and don't want to shoot myself in the foot for things I am not sure about. I hope HMRC understand that and won't go after the folks that have decided on settlement even harder.

[Loan Ranger]

Given my loans are unprotected what does that specifically mean HRMC either can or cannot do?

Only 2013/14 is safely unprotected.

HMRC could still raise a discovery assessment against 2014/15 and 2015/16. (They have 4 years from the end of the tax year.)

And they could still open an enquiry for 2016/17. (They have 12 months from when you submitted your tax return.)

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The LC applies to both protected and unprotected years.

The main difference between the two is, if you settle, there is no interest charged for unprotected years.

Here's the rub though. If you go down the settlement route, HMRC could raise discovery assessments for 2014/15 and 2015/16, and open an enquiry for 2016/17, before you settle, thereby making you liable to interest.

[Iliketax]

Various folks have told me that payments from SPM coming via Malta are not subject to the charges for that HMRC see the same.

When you say "various folks" do you mean an independent professional tax adviser (i.e. nothing to do with anyone who sold, promoted or ran the scheme) looked at your specific facts and said it is absolutely clear that the existing employee/self-employed and April 2019 loan charge (and anything else like GAAR) does not apply?

[Finalwhistle]

When you say "various folks" do you mean an independent professional tax adviser (i.e. nothing to do with anyone who sold, promoted or ran the scheme) looked at your specific facts and said it is absolutely clear that the existing employee/self-employed and April 2019 loan charge (and anything else like GAAR) does not apply?

*crickets*

Lol

[webberg]

It would be better to assume that all loans/forms of credit will be captured by the rules and if you are told by a promoter/lender otherwise, ask them to explain why their position is different.

Once you have that information, make a decision.

I get the point about asking asking HMRC but other than cause the agency some extra work, I can safely predict that their response will be that it is the intention that everything is included.

Whether that intention is accurately written into the law or is the intention that a Tribunal or Court may eventually decide is correct, will not bother your average HMRC case officer who is just doing as they are told.

[optimistic]

It would be better to assume that all loans/forms of credit will be captured by the rules and if you are told by a promoter/lender otherwise, ask them to explain why their position is different.

Once you have that information, make a decision.

I get the point about asking asking HMRC but other than cause the agency some extra work, I can safely predict that their response will be that it is the intention that everything is included.

Whether that intention is accurately written into the law or is the intention that a Tribunal or Court may eventually decide is correct, will not bother your average HMRC case officer who is just doing as they are told.

Hi Webberg - how can I reach you please to discuss options? I tried your office last week - they said you were unavailable and took my name and number however I've not received a call back yet from anyone.