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Track the Finance Bill 2020-21 here

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    #21
    Originally posted by interestedparty View Post
    So, on the basis that the LC becomes prospective (I know this is still unlikely), but we still have open years (pre-2017), then on what basis could HMRC apply tax + penalties + interest on us?
    Via litigation. Either win the case against your scheme, or via a follower notice based on winning a different scheme which they consider is similar to yours.
    STRENGTH - "A river cuts through rock not because of its power, but its persistence"

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      #22
      Originally posted by regron View Post
      Write back asking for more time... you don't need to be that inventive under the current circumstances ;-)
      not sure if weird conincidence or not, but got a call from HMRC (private number) asking if i had received letter and was all ok?! i said yes - hopoing to reply ASAP, but waiting to hear back from tax advisor on IHT/ cost of not settling versus settling etc. and he was fine - said no problem, if you need a few days more to reply we aren't strictly enforcing dates at the moment. I'd like that in writing but maybe for once they are showing some common decency.

      Comment


        #23
        Originally posted by interestedparty View Post
        So, on the basis that the LC becomes prospective (I know this is still unlikely), but we still have open years (pre-2017), then on what basis could HMRC apply tax + penalties + interest on us?
        There shouldn't be any penalties. Just tax + interest. Interest continues to accrue, currently at 2.6% p.a. (bank base + 2.5%). Also, it's simple interest, not compound.
        Scoots still says that Apr 2020 didn't mark the start of a new stock bull market.

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          #24
          Originally posted by regron View Post
          Via litigation. Either win the case against your scheme, or via a follower notice based on winning a different scheme which they consider is similar to yours.
          Could HMRC win a case against one contractor loan scheme and then use Follower Notices on all the other contractor loan schemes? Possibly but I think there are enough differences across the schemes which would make this difficult. For example, I'm not sure they could use a win against an employee scheme to issue Follower Notices to self-employed schemes. HMRC have already got caught over reaching with Follower Notices, so they know there are limitations.

          The watering down of the LC has brought back a big problem* for HMRC that they never wanted to deal with.

          * litigating against tens of thousands of users across dozens of schemes
          Scoots still says that Apr 2020 didn't mark the start of a new stock bull market.

          Comment


            #25
            Originally posted by DealorNoDeal View Post
            Could HMRC win a case against one contractor loan scheme and then use Follower Notices on all the other contractor loan schemes? Possibly but I think there are enough differences across the schemes which would make this difficult. For example, I'm not sure they could use a win against an employee scheme to issue Follower Notices to self-employed schemes. HMRC have already got caught over reaching with Follower Notices, so they know there are limitations.

            The watering down of the LC has brought back a big problem* for HMRC that they never wanted to deal with.

            * litigating against tens of thousands of users across dozens of schemes
            I agree, FN's can't be handed out willy nilly and isn't that straight forward, but is something to be aware of.
            STRENGTH - "A river cuts through rock not because of its power, but its persistence"

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              #26
              Finance Bill

              Originally posted by regron View Post
              Via litigation. Either win the case against your scheme, or via a follower notice based on winning a different scheme which they consider is similar to yours.
              So this would be based on common law/precedent and the Finance Bill would no longer be relevant (due to the retrospective element being removed)?

              Comment


                #27
                Originally posted by DanJackiels View Post
                not sure if weird conincidence or not, but got a call from HMRC (private number) asking if i had received letter and was all ok?! i said yes - hopoing to reply ASAP, but waiting to hear back from tax advisor on IHT/ cost of not settling versus settling etc. and he was fine - said no problem, if you need a few days more to reply we aren't strictly enforcing dates at the moment. I'd like that in writing but maybe for once they are showing some common decency.
                Sorry to be blunt, but please don't think for ONE minute this is the case. Look at it this way with regards to their options and approach.

                1. HMRC take a more relaxed approach and offer extensions etc... knowing full well that once they get your settlement money, they have it forever and you will NEVER EVER see it again, no matter how things play out in court from there on.

                2. HMRC play hard ball and stick to settlement deadlines, knowing they stand the chance of losing a lot of settlement revenue, which they don't have to return, EVER.
                STRENGTH - "A river cuts through rock not because of its power, but its persistence"

                Comment


                  #28
                  Do people genuinely beleive that the Loan Charge will be further watered down during this FB discussion. More that the Morse recommendations ?

                  I am asking as its difficult to find out anything byy following the link. I saw some post that there is lots of lobbying and behind the scenes activities.

                  So do we think some rabbit will be pulled out of the hat.

                  Comment


                    #29
                    Originally posted by interestedparty View Post
                    So this would be based on common law/precedent and the Finance Bill would no longer be relevant (due to the retrospective element being removed)?
                    Yes.

                    Currently, it's not known what HMRC's strategy will be for dealing with open years that are not caught by the loan charge. Without winning cases in court, though, they can't force anyone to settle.
                    Scoots still says that Apr 2020 didn't mark the start of a new stock bull market.

                    Comment


                      #30
                      Originally posted by lowpaidworker View Post
                      Do people genuinely beleive that the Loan Charge will be further watered down during this FB discussion. More that the Morse recommendations ?

                      I am asking as its difficult to find out anything byy following the link. I saw some post that there is lots of lobbying and behind the scenes activities.

                      So do we think some rabbit will be pulled out of the hat.

                      i personally don't, due to the coffers being empty and the treasury looking for all the money it can get. but doesn't stop me hoping...

                      Comment

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