Settlement Versus Hoey

[lorry]

Interest

I have a simple question on settlement. All my open/protected years are pre 2010. (Penfold and Hamilton)

It seems the Hoey case is doing well. If I settle, would HMRC refund me if Hoey wins in the UTT? And the expected appeal?

Or do I sit it out, not settle and wait to see the outcome?

I have paid my APNs, so no pressure to settle. The LC does not apply to me, being pre 2010?

Thanks

Hi
I also paid my APN's but then I was charged interest of approx£4500. I have had my settlement accepted and thus needs to be paid by 29th December, not sure if I should just wait a little longer .. I have had this hanging over me for 8 years ! What's another few months

[eek]

Hi
I also paid my APN's but then I was charged interest of approx£4500. I have had my settlement accepted and thus needs to be paid by 29th December, not sure if I should just wait a little longer .. I have had this hanging over me for 8 years ! What's another few months

If you have fully paid your APNs there should be no additional interest being charged - in which case you may as wait until the court case is finished - I would also be asking why HMRC are charging interest because they shouldn’t

[bubble99]

its probably the interest that accumulated before the APNs were paid.

re: if I read correctly, pulling out of settlement with HMRC.... one thing to consider is that the settlement you have agreed is probably under the Nov 2017 settlement offer package. If you decline it - any future settlement will be under the Aug 2020 package where a.) IHT (if any) will be higher as its 3 years later b.) if your APNs dont fully cover all the 'tax' owed, your interest bill will get higher c.) You will have to pay NICs.

So if you hang your hat on a hoey outcome, which by the time all the appeals are done might be still years (?) down the track.... and we ultimately loose hoey.... you will end up having to settle on worse terms.