Writing off a Trust loan after settlement
Has anyone managed to get the loan released, wavered, or removed etc? I'm hoping just an 'admin fee' is required, or some sort of small financial gesture. 1% of balance etc.
I'm settling with HMRC, despite no letters of investigation, and the scheme promoter insisting relentlessly that I don't need too. And I am told the only way I can remove my loan is to pay the full amount back, with interest. As far as the Trustee is concerned its a 100% bonafide loan, and i shouldn't' be declaring it to HMRC. So they have no interest in writing off a £200k loan for anything less than £200k.
But if they never actually expect it paid back - surely they'd be rubbing their hands together at someone wanting to pay money to release it?
It's the usual non secured personal Trust loan. I'm told it dies with me and nothing to worry about. But I've been told lots of things over the past few years...
I have a good reputable TA, I'm just curious to hear other peoples stories?
(with HMRC watching, I haven't named the Trust and details. Not sure if it makes a difference?)
I'm settling with HMRC, despite no letters of investigation, and the scheme promoter insisting relentlessly that I don't need too. And I am told the only way I can remove my loan is to pay the full amount back, with interest. As far as the Trustee is concerned its a 100% bonafide loan, and i shouldn't' be declaring it to HMRC. So they have no interest in writing off a £200k loan for anything less than £200k.
But if they never actually expect it paid back - surely they'd be rubbing their hands together at someone wanting to pay money to release it?
It's the usual non secured personal Trust loan. I'm told it dies with me and nothing to worry about. But I've been told lots of things over the past few years...
I have a good reputable TA, I'm just curious to hear other peoples stories?
(with HMRC watching, I haven't named the Trust and details. Not sure if it makes a difference?)
