Knox House Trust have sold debts to an independent finance company Knox House Trust have sold debts to an independent finance company
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  1. #1

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    Default Knox House Trust have sold debts to an independent finance company

    Quote Originally Posted by sst2019 View Post
    Posted this in the other thread but interesting nonetheless.



    MPs demand HMRC leadership change over loan charge | ICAEW Economia
    Has any one else received the email from Knox House Trust below saying they’ve transferred the loans to another finanace company? I’m tulipting myself even more now!!

    Last Spring we emailed advising you of the impending 2019 Loan Charge.
    The 2019 Loan Charge applies an income tax charge on loans that are due by you to us, which remain outstanding at 5 April 2019.
    Knox House Trustees Limited has carefully considered what actions could be taken to mitigate the impact of this legislation. To this end, we have signed a contract with an independent finance company who will takeover the debt that is due by you to us. In return, a fee is paid by us to the finance company. As part of this contract, it has been necessary to replace the original loan agreement with a new loan.
    As part of the regulatory requirements relating to the Loan Charge legislation, you will be required to report the amount of the debt outstanding as at 5 April 2019 to HMRC. When reporting you should advise them of the details of the new loan.
    We have engaged a specialist firm to liaise with contractors regarding their loan arrangements. Under the terms of a data sharing agreement the necessary information has been transferred to this team to act as a single point of contact so that enquiries are handled swiftly. Please contact them on (Phone lines will be open from 9am on Monday 8th April ) for details of your new loan agreement. Please quote your unique reference which is detailed at the top of this email.
    We trust that this matter will be of interest to you and urge you to take action quickly.
    Kind regards
    Knox House Trustees Limited

  2. #2

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    Quote Originally Posted by Worried 72 View Post
    Has any one else received the email from Knox House Trust below saying they’ve transferred the loans to another finanace company? I’m tulipting myself even more now!!

    Last Spring we emailed advising you of the impending 2019 Loan Charge.
    The 2019 Loan Charge applies an income tax charge on loans that are due by you to us, which remain outstanding at 5 April 2019.
    Knox House Trustees Limited has carefully considered what actions could be taken to mitigate the impact of this legislation. To this end, we have signed a contract with an independent finance company who will takeover the debt that is due by you to us. In return, a fee is paid by us to the finance company. As part of this contract, it has been necessary to replace the original loan agreement with a new loan.
    As part of the regulatory requirements relating to the Loan Charge legislation, you will be required to report the amount of the debt outstanding as at 5 April 2019 to HMRC. When reporting you should advise them of the details of the new loan.
    We have engaged a specialist firm to liaise with contractors regarding their loan arrangements. Under the terms of a data sharing agreement the necessary information has been transferred to this team to act as a single point of contact so that enquiries are handled swiftly. Please contact them on (Phone lines will be open from 9am on Monday 8th April ) for details of your new loan agreement. Please quote your unique reference which is detailed at the top of this email.
    We trust that this matter will be of interest to you and urge you to take action quickly.
    Kind regards
    Knox House Trustees Limited
    I also received the email !

    There is something very odd going on that the loans have been sold onto another company. What does this mean for ex users?

    It appears AML have washed their hands and left us for dead again.

    Only thing to do now is support the LCAG judicial review and also hope the MPs get this delayed / suspended.

  3. #3

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    Quote Originally Posted by jrock View Post
    I also received the email !

    There is something very odd going on that the loans have been sold onto another company. What does this mean for ex users?

    It appears AML have washed their hands and left us for dead again.

    Only thing to do now is support the LCAG judicial review and also hope the MPs get this delayed / suspended.
    I would say they’ve got a few bob for our loans and now rather than being released if you settle or stay forever as not getting paid back they’re now getting called in by some sharks.

    If that’s the case and it’s legal then I doubt the JR would have any bearing on it?

  4. #4

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    Default HMRC settlement Deadlines/delays and the LC

    Sounds a bit suspicious to me, like they are trying to distance themselves from it to prevent them from being reported. They were still the ‘employer’! Also wouldn’t you have to sign any new agreement?

  5. #5

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    Not received any such email.
    But a loan to replace a loan or whatever it is being labelled as.
    Rather than these idiotic firms emailing or contacting us, perhaps they should be lobbying HMRC/MPs... rather the nepotism is such that the directors are probably conservative party donors.

  6. #6

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    Quote Originally Posted by jrock View Post
    To this end, we have signed a contract with an independent finance company who will takeover the debt that is due by you to us. In return, a fee is paid by us to the finance company.
    Knox House Trustees Limited have paid [unspecified] finance company to takeover the debt. I wish they'd paid my company to takeover the debt then I could have written it off! I wouldn't have charged them as much either.

  7. #7

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    Quote Originally Posted by Worried 72 View Post
    To this end, we have signed a contract with an independent finance company who will takeover the debt that is due by you to us. In return, a fee is paid by us to the finance company. As part of this contract, it has been necessary to replace the original loan agreement with a new loan.
    Sounds to me like the cost of waiving the loan has just increased...

  8. #8

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    Quote Originally Posted by Worried 72 View Post
    Has any one else received the email from Knox House Trust below saying they’ve transferred the loans to another finanace company? I’m tulipting myself even more now!!

    Last Spring we emailed advising you of the impending 2019 Loan Charge.
    The 2019 Loan Charge applies an income tax charge on loans that are due by you to us, which remain outstanding at 5 April 2019.
    Knox House Trustees Limited has carefully considered what actions could be taken to mitigate the impact of this legislation. To this end, we have signed a contract with an independent finance company who will takeover the debt that is due by you to us. In return, a fee is paid by us to the finance company. As part of this contract, it has been necessary to replace the original loan agreement with a new loan.
    As part of the regulatory requirements relating to the Loan Charge legislation, you will be required to report the amount of the debt outstanding as at 5 April 2019 to HMRC. When reporting you should advise them of the details of the new loan.
    We have engaged a specialist firm to liaise with contractors regarding their loan arrangements. Under the terms of a data sharing agreement the necessary information has been transferred to this team to act as a single point of contact so that enquiries are handled swiftly. Please contact them (Phone lines will be open from 9am on Monday 8th April ) for details of your new loan agreement. Please quote your unique reference which is detailed at the top of this email.
    We trust that this matter will be of interest to you and urge you to take action quickly.
    Kind regards
    Knox House Trustees Limited

    I received the same email on Friday and am also bricking it now. This was the first I had heard of it and not a clue what to do. I tried ringing the number 4 times today and not had any answers.
    Ive contracted Bredrock Tax for some advice as SP Management told me it wasn't to do with them anymore either. If we settle with HMRC whats now to stop this new company coming at us for the loan?

  9. #9

    Default What the hell

    I found this e mail in my Junk Box today...so a couple of notes.

    1. I live in the States and not a UK taxpayer anymore
    2. I receive a photocopied letter from HMRC, about a year ago I guess, which I actioned by calling and leaving a voicemail. As with many HMRC e mails I get, I basically thought it was a scam when I heard nothing back.
    3. I have called the number on the e mail below half a dozen times and it just rings out.

    I am catching up on google but wondering have I missed deadlines, I have zero info having moved 5 times then overseas after 2009 (this is the only time I can think they're talking about). Anyone else get this or are you past this????

    Totally confused...

    Date 5 April 2019
    Your Unique Reference: XXXX

    Dear XXXXXXX
    2019 Loan Charge: Update relating to your contractor loan
    Last Spring we emailed advising you of the impending 2019 Loan Charge.
    The 2019 Loan Charge applies an income tax charge on loans that are due by you to us, which remain outstanding at 5 April 2019.
    Knox House Trustees Limited has carefully considered what actions could be taken to mitigate the impact of this legislation. To this end, we have signed a contract with an independent finance company who will takeover the debt that is due by you to us. In return, a fee is paid by us to the finance company. As part of this contract, it has been necessary to replace the original loan agreement with a new loan.
    As part of the regulatory requirements relating to the Loan Charge legislation, you will be required to report the amount of the debt outstanding as at 5 April 2019 to HMRC. When reporting you should advise them of the details of the new loan.
    We have engaged a specialist firm to liaise with contractors regarding their loan arrangements. Under the terms of a data sharing agreement the necessary information has been transferred to this team to act as a single point of contact so that enquiries are handled swiftly. Please contact them (Phone lines will be open from 9am on Monday 8th April ) for details of your new loan agreement. Please quote your unique reference which is detailed at the top of this email.
    We trust that this matter will be of interest to you and urge you to take action quickly.
    Kind regards
    Knox House Trustees Limited

  10. #10

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    Quote Originally Posted by What a cluster View Post
    I found this e mail in my Junk Box today...so a couple of notes.

    1. I live in the States and not a UK taxpayer anymore
    2. I receive a photocopied letter from HMRC, about a year ago I guess, which I actioned by calling and leaving a voicemail. As with many HMRC e mails I get, I basically thought it was a scam when I heard nothing back.
    3. I have called the number on the e mail below half a dozen times and it just rings out.

    I am catching up on google but wondering have I missed deadlines, I have zero info having moved 5 times then overseas after 2009 (this is the only time I can think they're talking about). Anyone else get this or are you past this????

    Totally confused...

    Date 5 April 2019
    Your Unique Reference: XXXX

    Dear XXXXXXX
    2019 Loan Charge: Update relating to your contractor loan
    Last Spring we emailed advising you of the impending 2019 Loan Charge.
    The 2019 Loan Charge applies an income tax charge on loans that are due by you to us, which remain outstanding at 5 April 2019.
    Knox House Trustees Limited has carefully considered what actions could be taken to mitigate the impact of this legislation. To this end, we have signed a contract with an independent finance company who will takeover the debt that is due by you to us. In return, a fee is paid by us to the finance company. As part of this contract, it has been necessary to replace the original loan agreement with a new loan.
    As part of the regulatory requirements relating to the Loan Charge legislation, you will be required to report the amount of the debt outstanding as at 5 April 2019 to HMRC. When reporting you should advise them of the details of the new loan.
    We have engaged a specialist firm to liaise with contractors regarding their loan arrangements. Under the terms of a data sharing agreement the necessary information has been transferred to this team to act as a single point of contact so that enquiries are handled swiftly. Please contact them (Phone lines will be open from 9am on Monday 8th April ) for details of your new loan agreement. Please quote your unique reference which is detailed at the top of this email.
    We trust that this matter will be of interest to you and urge you to take action quickly.
    Kind regards
    Knox House Trustees Limited
    A lot of people received this info recently. Obviously the Loan Charge is a very real thing. Most people aren't quite sure of what this latest move means.

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