WARNING: DO NOT SETTLE UNDER CLSO2 re. 2019 Loan Charge WARNING: DO NOT SETTLE UNDER CLSO2 re. 2019 Loan Charge
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  1. #1

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

    Caveat: I am not a tax expert.

    But I have some common sense and am NOT stupid.
    Listening to the latest HMRC gem - a response to a suicidal caller to HMRC's "dedicated" hotline - suggests that HMRC wants you / all of us to settle under CLSO2:
    www.tinyurl.com/HMRCHotline

    Why? Because, the LC is faltering for a variety of reasons.
    If you follow on Twitter you may have seen clues here and there.
    I won't go into details because HMRC reads this forum regularly.
    And its best keeping them in the dark.

    BUT, one thing is crystal clear:
    Settle under CLSO2 and you are entering a COMMERCIAL contract with NO CHANcE on this earth of getting your money back. Ever. Even if the 2019 Loan charge gets finally amended, changed, thrown out whatever - settle under CLSO2 and your cash is gone. Forever, down the toilet.

    Paying for idiots like the one who answered that phone. Or Julie Elsey, the Head of Counter avoidance who wrote a letter fully of lies. Or Jon Thompson, who earns considerably more than the useless PM,

    So, don't say you weren't warned!

  2. #2

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    Forgot to add, if you think CLSO2 is going to bankrupt you - why not delay it to April 2019.
    You can't be more bankrupt then bankrupt.

    You may be pleasantly surprised when you find out later that the LC has collapsed and you don't need to pay anything at all - particularly since there was nothing due in the first place...

    ;-)

  3. #3

    Some things in Moderation

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    Moved to the correct forum.
    Cojak's Blog

  4. #4

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    Quote Originally Posted by DeadDOTAS View Post
    Caveat: I am not a tax expert.

    But I have some common sense and am NOT stupid.
    Listening to the latest HMRC gem - a response to a suicidal caller to HMRC's "dedicated" hotline - suggests that HMRC wants you / all of us to settle under CLSO2:
    www.tinyurl.com/HMRCHotline

    Why? Because, the LC is faltering for a variety of reasons.
    If you follow on Twitter you may have seen clues here and there.
    I won't go into details because HMRC reads this forum regularly.
    And its best keeping them in the dark.

    BUT, one thing is crystal clear:
    Settle under CLSO2 and you are entering a COMMERCIAL contract with NO CHANcE on this earth of getting your money back. Ever. Even if the 2019 Loan charge gets finally amended, changed, thrown out whatever - settle under CLSO2 and your cash is gone. Forever, down the toilet.

    Paying for idiots like the one who answered that phone. Or Julie Elsey, the Head of Counter avoidance who wrote a letter fully of lies. Or Jon Thompson, who earns considerably more than the useless PM,

    So, don't say you weren't warned!
    I really applaud your optimisim and eagerness to fight I for one dream you will be right but from where I'm sitting, although these "people" have rightly been criticised and hounded and great work LCAG and the liberal MP for makjng our plight known, I've not seen anything to suggest this juggernaut of misery is going to be stopped I could be wrong, I wish I am.

  5. #5

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    Default Personal decision

    This thread highlights for me what a personal decision it is on whether to settle, or not.

    Can I easily afford to settle? No.

    But do I want to endure years of stress, HMRC hounding, worry on me and my family, legal costs, etc etc etc... to then potentially have to pay a far higher sum that the one due now anyway (due to penalties, fines, interest) - that is an even more unequivocal No.

    So I will look to settle, whilst being fully aware that if CLSO2 crashes (which I find extremely unlikely) I will not get a penny back.

    So I will try to find a six figure sum to do so, and live my remaining years (could be 30-40 if I use average life expectancy) with peace of mind and some semblance of normality.

    As I say, a very personal choice. Good luck to you all.

  6. #6

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    Quote Originally Posted by Dmac View Post
    This thread highlights for me what a personal decision it is on whether to settle, or not.

    Can I easily afford to settle? No.

    But do I want to endure years of stress, HMRC hounding, worry on me and my family, legal costs, etc etc etc... to then potentially have to pay a far higher sum that the one due now anyway (due to penalties, fines, interest) - that is an even more unequivocal No.

    So I will look to settle, whilst being fully aware that if CLSO2 crashes (which I find extremely unlikely) I will not get a penny back.

    So I will try to find a six figure sum to do so, and live my remaining years (could be 30-40 if I use average life expectancy) with peace of mind and some semblance of normality.

    As I say, a very personal choice. Good luck to you all.
    You are clearly right, but this is exactly why they have introduced a settlement process....they know from bitter experience with Huitson that it could take a decade to rumble through the courts and they want the money now...they promised it in fact.

    Perversely, if everyone refused to settle, it would cause them a massive headache.

    I assume BIG group and LCAG were formed with this in mind to a greater or lesser degree.

  7. #7

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    Very sad to hear that phone conversation DeadDotas. Really feel for that guy and it puts into perspective the reality of the situation for individual, and a reality that HMRC fail to see or admit to.

    However, I can't see the LC going away. It's enshrined in law - how it got there we'll never understand - but it's there and even the tax advisors on this forum say that it cannot be avoided.

    I would love not to settle. Like many here, my involvement with loans was many, many years ago and there was never an enquiry or even a letter from HMRC to question what I had put down in my tax returns. So to be hit now, suddenly, due to an ill-advised and frankly ridiculous change in law is shocking and life-changing.

    The options now are either settle and pay in 2019, or apply the LC and pay in 2020. It's only a matter of time, 1 year.

    Like many here I have also considered the last resort option. As I read it, the LC would not apply to a dead man.

    HMRC don't care. We could all blow up in front of their faces, but they wouldn't care. They aren't human. All they want is money, any way they can get it.

  8. #8

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    The way Im feeling right now about it all I wish I could drive my car over a cliff with Mel and co tied to the back of it and probably do everyone including myself a favour.

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    Please don't do that.

    Instead, join LCAG and join into the "action" as things are hotting up...!

  10. #10

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    Quote Originally Posted by DeadDOTAS View Post
    Please don't do that.

    Instead, join LCAG and join into the "action" as things are hotting up...!

    ....and keep on at your MP, become a pain in the ass....talk to local press, see if anyone else you know locally is in the same boat....

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