Track the Finance Bill 2020-21 here

[DealorNoDeal]

what if the charge were say 18.5% plus then the min tax required coupled with someone on a contract say 40k a year or under (i.e. Nurses Social workers etc) would take home 81% of their money using the correct tax calculations. How would they know without going into detail that their deductions weren't going too right people places. These scheme sellers don't always explain in detail how they work. Its all fine the fine print

Yes, there may be cases where it's not so obvious that something is untoward. I also have some sympathy for those who were recommended schemes by agencies, especially foreign workers.

[Paralytic]

I assume you don't follow LCAG and some of their evidence nor did you read the Morse review in detail. Some people had no option but to go via certain umbrellas/agencies. Maybe coerced rather than forced, but lets not pick bones

You said people were STILL being forced into these schemes. I stand by what I said.

[bosleyrog]

When will this bill be passed into law?
I settled on a loan from 2004 and was told I am able to get a refund once it is passed into law

[GhostofTarbera]

When will this bill be passed into law?
I settled on a loan from 2004 and was told I am able to get a refund once it is passed into law

Free money !!!! Did you get that in writing from HMRC?


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[Nissan07]

It was supposed to be sometime in July at the earliest, not sure where it stands currently

And yes it is in writing from HMRC as far as I know
Implementation of changes to the loan charge: refunding voluntary restitution - GOV.UK

[ozzyo99]

Reasonable disclosure

I wondered if anybody had managed to make the 'reasonable disclosure' terms work in their favour?

Mine all fall 2011-2016, but Smartpay (AML based loans) filled out my tax returns for the years in question and I suspect i've little means of laying any claim to this. Would be interested to hear if anybody has argued that HMRC knew of these firms and their arrangements which would imply some level of disclosure by not hiding their usage.

[DealorNoDeal]

I wondered if anybody had managed to make the 'reasonable disclosure' terms work in their favour?

Mine all fall 2011-2016, but Smartpay (AML based loans) filled out my tax returns for the years in question and I suspect i've little means of laying any claim to this. Would be interested to hear if anybody has argued that HMRC knew of these firms and their arrangements which would imply some level of disclosure by not hiding their usage.

I think the only case where you'd have a strong claim for 'reasonable disclosure" is if there was a DOTAS number on your returns. However, if there was a DOTAS number on, HMRC would almost certainly have opened automatic enquiries and you wouldn't now have closed (unprotected) years.

Some people may have some wording about loans in the white space on their returns but I doubt HMRC would accept that as sufficient.

There's no harm in trying but I would expect HMRC to reject virtually all claims. If you felt you had a good case, you'd probably have to take it to tribunal.

[DealorNoDeal]

There's no harm in trying but I would expect HMRC to reject virtually all claims. If you felt you had a good case, you'd probably have to take it to tribunal.

Thinking about it, I don't know if that's a safe assumption.

Could there be a risk of penalties if you file a 2018/19 return claiming* the LC doesn't apply because there was 'reasonable disclosure' on your original tax returns?

* especially if the claim is a bit flimsy or spurious

[Iter]

Thinking about it, I don't know if that's a safe assumption.

Could there be a risk of penalties if you file a 2018/19 return claiming* the LC doesn't apply because there was 'reasonable disclosure' on your original tax returns?

* especially if the claim is a bit flimsy or spurious

Is there a definition for reasonable disclosure yet? I would have thought DOTAS or any information stating that a loan was received is reasonable. Surely they would have opened an enquiry anyway.
Some schemes worked by paying divi’s to reduce balance. Therefore there would not necessarily be outstanding loan balance (not that this should be taxed anyway as it was a loan).

[DealorNoDeal]

Is there a definition for reasonable disclosure yet?

Not seen one but, knowing HMRC, I'm not expecting it to be very reasonable.