New loan charge letters from HMRC

[webberg]

Let's go back.

Para 3 says that a loan is outstanding where it was made in money and has not been repaid in money.

Therefore write off etc does not count.

I also said that if you had repaid the loan in money, the you were an exception rather than a rule.

If you have indeed paid the loan off in money, lucky you, no declaration required.

Clearly I may have made an incorrect assumption that you were the same as 99.9% of the people seeking answers here. My apologies.

Given that this is a thread where by default only general information can be given and does drive down to personal circumstances.

[Thin White Duke]

Let's go back.

Para 3 says that a loan is outstanding where it was made in money and has not been repaid in money.

Therefore write off etc does not count.

I also said that if you had repaid the loan in money, the you were an exception rather than a rule.

If you have indeed paid the loan off in money, lucky you, no declaration required.

Clearly I may have made an incorrect assumption that you were the same as 99.9% of the people seeking answers here. My apologies.

Given that this is a thread where by default only general information can be given and does drive down to personal circumstances.

Thanks. I may just be in the lucky 0.1%.

As an aside, Para 3 doesn't exactly say what you claim though...


In sub-paragraph (1) “repayment amount”, in relation to a loan, means the total of—

(a) the amount of principal under the loan that has been repaid before 17 March 2016, and

(b) payments in money made by the relevant person on or after 17 March 2016 by way of repayment of principal under the loan.

So only payments made by the relevant person on or after 17/3/16 need to be in money by the relevant person. Payments made before then don't have to be in money necessarily or made by the relevant person according to (a) above. (b) is as explicit in it's meaning as (a) is non-explicit.

[webberg]

Thanks. I may just be in the lucky 0.1%.

As an aside, Para 3 doesn't exactly say what you claim though...


In sub-paragraph (1) “repayment amount”, in relation to a loan, means the total of—

(a) the amount of principal under the loan that has been repaid before 17 March 2016, and

(b) payments in money made by the relevant person on or after 17 March 2016 by way of repayment of principal under the loan.

So only payments made by the relevant person on or after 17/3/16 need to be in money by the relevant person. Payments made before then don't have to be in money necessarily or made by the relevant person according to (a) above. (b) is as explicit in it's meaning as (a) is non-explicit.

As you wish.

[Thin White Duke]

As you wish.

Deary me. What a patronising reply.

[Iliketax]

Er… no but I found Para 35 (below) but does that answer my question?

Great. Now have a look for the para I mentioned.

[Thin White Duke]

Great. Now have a look for the para I mentioned.

I see you are as patronising as Webberg.

I've been through the Act. Can't find para 35A or anything that says there is a legal obligation to declare, by 1st Oct 2019, loans that are not outstanding under the Act

Perhaps simply answering the question rather than being deliberately obtuse would help?

[Iliketax]

Perhaps simply answering the question rather than being deliberately obtuse would help?

para 35A Schedule 11 Finance (No 2) Act 2017

How I can be less obtuse than that.

[Thin White Duke]

How I can be less obtuse than that.

By actually posting the wording of para 35A (if it exists)

[Iliketax]

By actually posting the wording of para 35A (if it exists)

That's a different question. I'm just off to walk the dogs now but have you tried googling it? If you can't find it, let me know and I'll find a link.

[dammit chloe]

By actually posting the wording of para 35A (if it exists)

Are you utterly helpless. Do some of your own legwork. Not up to other people to wait on you hand and foot.

Cut and paste what "para 35A Schedule 11 Finance (No 2) Act 2017" and you are taken straight to it. It reads like utter gobbledygook to me but it's right there.