OK, so I am settling, or have been for years. My MP got involved so now I am getting VIP treatment.
A few things to look out for:
- to IHT or not, the IHT makes up about 25% of settlement amount, i was never given an option to exclude - what should I do? do the trusts still exist?
- Read, then weep on the below text in the cover letter, all my loans are pre 2010 - so no need to declare anything should i not settle...
What you need to do next
Please read the enclosed letter called ‘About your settlement – without prejudice’. It tells you
what to do next. You need to make sure that you reply by the date shown in that letter. If you
cannot reply by then, please phone us straightaway to tell us why.
About your return for the tax year 6 April 2018 to 5 April 2019
If you carry on working with us, and settle under the November 2017 terms, you do not have
to:
• report and pay your loan charge by sending us your return for the tax year 6 April 2018 to
5 April 2019
• report your disguised remuneration loans to us using the online reporting form
- I have asked for 4 years to pay, so now they charge me forward interest; is this even allowed? seems to be 4% annually?
When we agree a settlement that includes instalment payments, we also charge ‘forward
interest’ on the amount that will be paid by instalments. The rate we charge is the same as
our standard rate for late payment interest plus 1%. The amount of forward interest is shown
in the table above.
We can reduce the amount of forward interest if you make any extra payments on top of the
instalments that are due. If you make any, please let us know.
I am pretty fed up and the UK is all but bankrupt, so I guess i will need to settle, but nothing seems simple.
A few things to look out for:
- to IHT or not, the IHT makes up about 25% of settlement amount, i was never given an option to exclude - what should I do? do the trusts still exist?
- Read, then weep on the below text in the cover letter, all my loans are pre 2010 - so no need to declare anything should i not settle...
What you need to do next
Please read the enclosed letter called ‘About your settlement – without prejudice’. It tells you
what to do next. You need to make sure that you reply by the date shown in that letter. If you
cannot reply by then, please phone us straightaway to tell us why.
About your return for the tax year 6 April 2018 to 5 April 2019
If you carry on working with us, and settle under the November 2017 terms, you do not have
to:
• report and pay your loan charge by sending us your return for the tax year 6 April 2018 to
5 April 2019
• report your disguised remuneration loans to us using the online reporting form
- I have asked for 4 years to pay, so now they charge me forward interest; is this even allowed? seems to be 4% annually?
When we agree a settlement that includes instalment payments, we also charge ‘forward
interest’ on the amount that will be paid by instalments. The rate we charge is the same as
our standard rate for late payment interest plus 1%. The amount of forward interest is shown
in the table above.
We can reduce the amount of forward interest if you make any extra payments on top of the
instalments that are due. If you make any, please let us know.
I am pretty fed up and the UK is all but bankrupt, so I guess i will need to settle, but nothing seems simple.
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