WARNING: DO NOT SETTLE UNDER CLSO2 re. 2019 Loan Charge

[DOT COM]

So if a person was to put down a lump sum of say 20% or even 0% and then engage in TTP over 5 years and then the LC is subsequently overturned would they then legally be able to extract and stop paying the LC?

Rumour has it (actually two 'rumours'):


DO NOT SETTLE UNDER CLSO2 - once you paid under the settlement "opportunity", your cash is gone like a flash.....

Don't say we didn't warn you.

[Endofdays]

Rumour has it (actually two 'rumours'):

1) The Loan charge date is likely going to move by two years from 5th April 2019 to 5th April 2021
(and the settlement window extended by another year or two)
2) HMRC has got no IT capability (or contractors LoL) that could add the Loan charge flag to their main system in April 2019. Without that, it's pretty much impossible to flag individual tax payers internally as "LC candidates...".

Of course, it's only 'rumours' but the first messages are surfacing on the Twitter-sphere:
This may be HMRC's nudging way of coercing many more thousand ppl into contractual settlement, only to conclude in 2021 that the LC will be scrapped altogether!

Take it or leave it as you please. It ties in with our original warning though:

DO NOT SETTLE UNDER CLSO2 - once you paid under the settlement "opportunity", your cash is gone like a flash.....

Don't say we didn't warn you.

Love your optimism and I as well as many others hope it's true but untill I see on the magical hmrc twitter feed.... I'm not going to get my hopes up... But I wish it's true

[ScottW]

Stupid question;

In process of talking to HMRC.

They want to see bank statements of Loan amounts.

I will redact other information on statements.

Should I redact the Account number and Sort Code details as well?

[lowpaidworker]

Stupid question;

In process of talking to HMRC.

They want to see bank statements of Loan amounts.

I will redact other information on statements.

Should I redact the Account number and Sort Code details as well?

Yes. They only need to know amount and date. That's all I sent them and they did not ask. One thing they like to do if you send the whole statement is prove that you were living off the loans.

[ScottW]

Yes. They only need to know amount and date. That's all I sent them and they did not ask. One thing they like to do if you send the whole statement is prove that you were living off the loans.

Thanks for answer. It's an enormous pain in the ass. Every time I send them something they come back more more fecking hoops I need to jump through.

[Endofdays]

Rumour has it (actually two 'rumours'):

1) The Loan charge date is likely going to move by two years from 5th April 2019 to 5th April 2021
(and the settlement window extended by another year or two)
2) HMRC has got no IT capability (or contractors LoL) that could add the Loan charge flag to their main system in April 2019. Without that, it's pretty much impossible to flag individual tax payers internally as "LC candidates...".

Of course, it's only 'rumours' but the first messages are surfacing on the Twitter-sphere:
This may be HMRC's nudging way of coercing many more thousand ppl into contractual settlement, only to conclude in 2021 that the LC will be scrapped altogether!

Take it or leave it as you please. It ties in with our original warning though:

DO NOT SETTLE UNDER CLSO2 - once you paid under the settlement "opportunity", your cash is gone like a flash.....

Don't say we didn't warn you.

Anyone else heard anything more on these rumours from what I have read it would take a change in the law to put the LC back?

[Endofdays]

Anyone else heard anything more on these rumours from what I have read it would take a change in the law to put the LC back?

I'm assuming these rumours were just that... Ah well...

[dammit chloe]

Anyone else heard anything more on these rumours from what I have read it would take a change in the law to put the LC back?

I read someone saying that on Twitter, does that count? I think in a way they are correct. LC is primary legislation ( albeit snuck under lots of other stuff in record time ) so to actually change it would require a change in the law.

However, that is presuming a head on attack. As in most things lawyerly, there may be other options to bring about a similar result. We shall see.

[rshome]

Any more news on rumours about settlement deadlines?

There was a rumour recently that loan information to be submitted to HMRC maybe delayed another year rather than 30th September 2018.

Does anyone know if that was verified?

[headspin]

HMRC have their spies everywhere. You won't hear much of any worth on a public forum like this. Things are happening behind the scenes.