Loan charge review - Government response is here

[dammit chloe]

Do you know who the QC representing LCAG is? I would expect HMRC to put up a big hitter.

Robert Venables ( very much a deal with the devil unfortunately ) vs James Eadie ( The Treasury's go to for big cases ).

[lowpaidworker]

Robert Venables ( very much a deal with the devil unfortunately ) vs James Eadie ( The Treasury's go to for big cases ).

based on a twitter feed (bit thin i agree) but sounds like RVQC got a pounding today ?

Any news other than Twitter

[dammit chloe]

based on a twitter feed (bit thin i agree) but sounds like RVQC got a pounding today ?

Any news other than Twitter

Not really. Those in the JR are given news as and when, there is no running commentary as that would just generate noise ( there is enough noise on that twitter thread already ).

[lowpaidworker]

Not really. Those in the JR are given news as and when, there is no running commentary as that would just generate noise ( there is enough noise on that twitter thread already ).

yep not sure what to believe and more importantly I dont understand the ebbs and flows and who is actually on who's side.

I will wait on the update.

[DealorNoDeal]

Robert Venables ( very much a deal with the devil unfortunately ) vs James Eadie ( The Treasury's go to for big cases ).

Not just the Treasury. He represented the Government in both Brexit court cases and BoJo's prorogation case.
James Eadie (barrister) - Wikipedia

[NeedTheSunshine]

based on a twitter feed (bit thin i agree) but sounds like RVQC got a pounding today ?

Any news other than Twitter

Don't give it any more thought. One point posted on Twitter without full context doesn't mean anything.

[patel]

Settlement Status

All,

I had a chat with hmrc agent to check status of my settlement. He said they are not working on any calculations as of now and waiting for law to be passed based on ‘Review’ recommendations. Have any of you received any settlement communications/updated numbers from HMRC recently? Does it mean we are supposed to wait till legislation and then incorrect calculations by HMRC?

With Regards,

[dammit chloe]

All,

I had a chat with hmrc agent to check status of my settlement. He said they are not working on any calculations as of now and waiting for law to be passed based on ‘Review’ recommendations. Have any of you received any settlement communications/updated numbers from HMRC recently? Does it mean we are supposed to wait till legislation and then incorrect calculations by HMRC?

With Regards,

Probably. Until something is law there is nothing to go on.

[Bobo]

I received an email from Knox house to state I need to provide proof of settlement so that they can petition my loan write off.

Anyone else receive the same letter/email and is this the right time to do it?

Thanks

[webberg]

I received an email from Knox house to state I need to provide proof of settlement so that they can petition my loan write off.

Anyone else receive the same letter/email and is this the right time to do it?

Thanks

Just be careful.

Many HMRC settlement contracts say that once you have settled, the loan can be written off without further tax charge.

However, those contracts may carry a caveat that the write off had to occur within a given period of the contract being signed. That was usually three months. If therefore you signed more than three months ago - go and check your contract BEFORE you have a loan written off. Otherwise - unfair and strange as it may seem - you may well face an additional tax charge.

Secondly, contracts signed before April 2017 may NOT contain wording around section 554C ITEPA which is a tax charge after that date on loans written off.

If you signed a while ago and/or before April 2017 I recommend that you write to HMRC and have them confirm - IN WRITING - that a loan write off will not produce another tax charge.