Releasing loans before the settlement is finalised

[plopyyboom]

got notice of passing the loans over to FS Capital etc, as mentioned in the following thread.

I am currently in the process of settlement, having already paid the tax due on the loans, signed the settlement agreement and sent it back to HMRC - just awaiting confirmation of settlement however who knows how long that will take. Got word from Penfolds of trust wanting to finalise all loans by end of Dec '19.

How am I to release loans at the end of settlement if I only have a few weeks left to release the loan before the trust is closed down, after which point the loan will be passed to FS Capital? Shall I just go ahead with the loan release now, as I do not have any other choices here?

And my main question is, if I do release the loans now, before my settlement is finalised what implications will this have on IHT charge or any other charges for that matter? As mentioned the tax due on the loans had already been paid off to HMRC. They have actually charged me over 20k in APNs whereas my settlement amount is below 15k - so they owe me money which I am still waiting to get back (and which had been causing hardship having to pay this large loan last 5 years or so)

[Saleos]

Penfolds/Hamilton

The trustees of the above arrangements are categorically NOT recalling loans. Pinotage, who purport to have sold the right to repayment of some loans to FS Capital are not, never have been and never will be trustees of Penfolds or Hamilton. Please delete your post before you mislead, and scare, others.

Thank you.

[NeedTheSunshine]

The trustees of the above arrangements are categorically NOT recalling loans. Pinotage, who purport to have sold the right to repayment of some loans to FS Capital are not, never have been and never will be trustees of Penfolds or Hamilton. Please delete your post before you mislead, and scare, others.

Thank you.

I presume you have an invested interest in the schemes mentioned? A promoter perhaps?

[Saleos]

Vested interest in that I have been defending them for 6 1/2 years, having JR's still preventing APNs being enforced for my clients and litigated the Hoey case in the FTT in July which has been appealed and will proceed to the UT along with our Loan Charge JR.

[piebaps]

Removed to avoid confusion now that OP has corrected original post.

[Saleos]

Loans were made by an EBT so the existence or otherwise of the former employer is irrelevant. As is all reference to FS Capital or Pinotage. Neither have absolutely anything to do with Penfolds or Hamilton. No one is recalling those loans. Complete scaremongering nonesence.

[plopyyboom]

The trustees of the above arrangements are categorically NOT recalling loans. Pinotage, who purport to have sold the right to repayment of some loans to FS Capital are not, never have been and never will be trustees of Penfolds or Hamilton. Please delete your post before you mislead, and scare, others.

Thank you.

What do you mean by scare/mislead as I am now utterly confused by your comments. I am merely stating facts of what I have received and what appears to be happening.
Am I to ignore these emails altogether? This is an excerpt from the email received from pintagetrustees.ch:

Should it not be possible to release/write off these unassigned loans by 13 December 2019 then the trustee is obliged to assign them so that the three trusts can be closed by 31 December 2019.

Formal Notice of Assignment of Loans

As required by law, we write to formally notify you that on 30th October 2019, Pinotage (PTC) Limited of Folio Chambers P.O. Box 800, Road Town, Tortola British Virgin Islands in its capacity as trustee of The Contractor Solutions Employer-Financed Retirement Benefit Scheme 2012 (established by an instrument of settlement dated on or around 28th March 2012), The Prime Contractor Solutions Employer-Financed Retirement Benefit Scheme (previously known as The K2 Contractor Solutions Employment-Financed Retirement Benefit Scheme (established by an instrument of settlement dated on or around 25th November 2011) and The Hyrax Resourcing Employer-Financed Retirement Benefit Scheme (established by an instrument of settlement dated on or around 5th March 2014) assigned for value to FS Capital Limited (see details below) absolutely all and any title, rights and interest it has under the terms of your loans and any loan agreements you made with the trustee or other party the benefit of which were transferred beneficially to the trustee.

Following the assignment, FS Capital Limited has been in contact to confirm that the loans are now due and payable under the terms of the loan agreements and interest will accrue, as detailed in that agreement, on all outstanding balances.

FS Capital Limited contact details

1 St Paul’s Square Birmingham B3 1QU
T: 0330 124 2629
E: [email protected]

[wilks]

What do you mean by scare/mislead as I am now utterly confused by your comments. I am merely stating facts of what I have received and what appears to be happening.
Am I to ignore these emails altogether? This is an excerpt from the email received from pintagetrustees.ch:

______________

His point is you mentioned Penfolds/Hamilton Trust in your original post and these Schemes/Trusts are absolutely not emailing beneficiaries regarding loan recalls - the email you received relates to different schemes / trusts so you should remove the reference to Penfolds / Hamilton Trust in your post as it just causes unnecessary confusion.

[Forsythia]

What do you mean by scare/mislead as I am now utterly confused by your comments. I am merely stating facts of what I have received and what appears to be happening.
Am I to ignore these emails altogether? This is an excerpt from the email received from pintagetrustees.ch:

Don't ignore them. In same boat with Pinotage myself. Received the terrifying letter and spoke to them. Speak to them at their
lawyers on 01534 786705. No, this is not a scam. They will charge you legal costs to write off the loan, that is all. I suspect that the
FS Capital letters was to put a stick of dynamite up people's backsides to contact them. Apparently people were just not communicating and they want the trusts wound up by 31st December.

[Forsythia]

______________

His point is you mentioned Penfolds/Hamilton Trust in your original post and these Schemes/Trusts are absolutely not emailing beneficiaries regarding loan recalls - the email you received relates to different schemes / trusts so you should remove the reference to Penfolds / Hamilton Trust in your post as it just causes unnecessary confusion.

Yep. Agree. I am also with Penfolds/Hamiltons and can absolutely say for sure that they are NOT calling in loans, or have passed loans to FS Capital.