A painful lesson

[stonehenge]

Was in a scheme 2002 - 2006.

HMRC clobbered it with retro tax in 2008.

Would have been hard but could have settled. Joined the legal fight instead.

Fight lost in 2018. Forced to settle. Had to cough up 15 years of interest.

A whole decade of my life with this hanging over me. Huge psychological impact. All for nothing.

If you can afford to settle, seriously consider it for the sake of your sanity.

[washed up contractor]

Not sure what 'fight' you were in but the timeline is similar to mine. The fight Im in hasnt been lost in 2018 though and still very much has HMRC on the back foot.

Victory is within sight.

[stonehenge]

Not sure what 'fight' you were in but the timeline is similar to mine. The fight Im in hasnt been lost in 2018 though and still very much has HMRC on the back foot.

Victory is within sight.

MTM scheme, and company dropped us in it good and proper. They were given permission to appeal but didn't apply on time. We all got slapped with HMRC follower notices; cough up or 50% penalty. If HMRC weren't so fooking useless, they'd have put the head honcho in jail for fraud years ago.

[Tomo1971]

Luckily I was only in for just over 24 months over three tax years - loans were less than 90k and so settlement is 20k with interest.

Have managed to get that down to just over 10k so will be settling.

The IHT situation is now starting to irk me now though as that will be another 10k probably!

[hudson]

Luckily I was only in for just over 24 months over three tax years - loans were less than 90k and so settlement is 20k with interest.

Have managed to get that down to just over 10k so will be settling.

The IHT situation is now starting to irk me now though as that will be another 10k probably!

How did you manage to halve your settlement?

[Iter]

Why is IHT so high, thought it was roughly 1% per year

[EBTContractor]

Luckily I was only in for just over 24 months over three tax years - loans were less than 90k and so settlement is 20k with interest.

Have managed to get that down to just over 10k so will be settling.

The IHT situation is now starting to irk me now though as that will be another 10k probably!

Why is there IHT on 90k? Threshold is 325k'ish.

[MyxALot]

Why is there IHT on 90k? Threshold is 325k'ish.

Depends on the type of trust used as to whether the threshold is £325 or £0.

However you should argue IHT isn't due at all, but you'd probably need the assistance of a tax advisor to help with that.

[Jedi007]

How did you manage to halve your settlement?

yes how indeed, Tomo1971 can you please shed some light on this? my understanding has been there is no negotiation with HMRC?

[here4beer]

Luckily I was only in for just over 24 months over three tax years - loans were less than 90k and so settlement is 20k with interest.

Have managed to get that down to just over 10k so will be settling.

The IHT situation is now starting to irk me now though as that will be another 10k probably!

What? you mean the initial number was wrong? Not "you got it down"....