Originally posted by landsendsolo
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You'll have to make a decision fairly soon. Your 3 choices are:
(1) Press ahead with the Vanquish arrangement, and state on your return that the loans were repaid before 5 Apr 2019
(2) Pay the loan charge. You can spread this across 3 tax years, and you can pay by installments over several years (time to pay)
(3) Settle. You may be too late to do this but, if you would prefer to settle, it's worth asking. This would mean paying tax (+ interest) on the loans as though they were income in the years you received them. Like the loan charge, you can pay by installments over several years.
If you decide to do (1), prepare yourself for a legal dispute because I can guarantee HMRC won't accept that the loans have been legitimately repaid. I don't know whether Vanquish are still around to defend the arrangement. You'd need to contact them about this.
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