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Thread: Edge EBT thread

  1. #1931

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    Hi - i was in the Edge EBT pre December 2010 and settled with the HMRC in 2015 as part of a settlement offer
    Was anyone same situation ? am i due a refund from HMRC

    Thanks

  2. #1932

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    Quote Originally Posted by Mayr4ofen View Post
    Hi - i was in the Edge EBT pre December 2010 and settled with the HMRC in 2015 as part of a settlement offer
    Was anyone same situation ? am i due a refund from HMRC

    Thanks
    I assume this was paid via an APN. If so then I dont think you are if you are referring the Sir Moorse recommendations

  3. #1933

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    Quote Originally Posted by Mayr4ofen View Post
    Hi - i was in the Edge EBT pre December 2010 and settled with the HMRC in 2015 as part of a settlement offer
    Was anyone same situation ? am i due a refund from HMRC

    Thanks
    It sounds like you settled an open enquiry, in which case SAM recommendations would not help you, regardless of your open year being pre December 2010.

    There is a flow chart that someone shared which would help you understand this.

    Post note Flow Chart
    Last edited by Superfly; 6th October 2020 at 09:55.

  4. #1934

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    ok thanks for the response

  5. #1935

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    Also, settlements made prior to 16 Mar 2016 are not refundable.
    Scoots still says that Apr 2020 didn't mark the start of a new stock bull market.

  6. #1936

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    Default ok cheers - seems unfair, but then the whole thing was unfair

    ok cheers - seems unfair, but then the whole thing was unfair

  7. #1937

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    Default Wording in Offer to Settle

    Firstly apologies if these questions have been answered before or if I'm posting in the wrong place. I'm new here. I have searched but not found the answers.

    Briefly, Edge 2006-7. In 2016, paid HMRC sums equivalent to PAYE thinking this would be the end of it. My mistake. Every time I try to finish this it seems HMRC has another hoop for me to jump through. Need to pay interest and formally make offer to settle. I'm willing to do that to be shot of them but am concerned about the wording I'm being asked to sign.

    So: Q1 The offer letter has:

    "I undertake not to take any action with a view to obtaining repayment from HMRC of any part of the Settlement Amount including but not limited to making a claim under:
    (a) Schedule 1AB (Recovery of overpaid tax etc) of the Taxes Management Act 1970; or
    (b) common law"

    Am I right that HMRC's position has not been tested in law yet? That a future ruling might go against them such that the scheme is deemed to be valid?

    Does this wording mean that in the event that HMRC is found to have exceeded its powers in some future court case (in which case the sums I've paid them would have been an over-payment of tax) then I have no way of recovering those sums?

    -----

    I failed to settle by 30 Sept as I couldn't get HMRC to answer this. I also receive letters about Loan Charge.
    Q2: Is this an error as surely this doesn't apply as I left the scheme in 2007?

    ----

    Finally Q3:
    HMRC seems to be talking about IHT on loans. If I settle with them, in effect accepting that the 'loans' were 'income' then how can these sums subsequently be treated as loans for IHT purposes?

    Any help gratefully received.

  8. #1938

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    Q1) Settlement is final and irrevocable. There's no unwinding it no matter what the outcome of future court cases.

    Q2) Yes, it's an error. The loan charge does not apply to loans before Dec 2010.

    Q3) Don't know. It's a murky area.
    Scoots still says that Apr 2020 didn't mark the start of a new stock bull market.

  9. #1939

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    Quote Originally Posted by DealorNoDeal View Post

    Q3) Don't know. It's a murky area.
    For Q3 even if the money is being treated as income it can still be from a trust and trusts are subject to IHT. Yes it seems unfair but all loan money is Schroders Money and can be multiple things at the same time.
    merely at clientco for the entertainment

  10. #1940

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    What is your opinion of the "indemnity" they are asking you take on the loan write off, please?
    Did you just figure that's the trustee's safety net in case HMRC go after them for IHT, or is there more to it, in your opinion?

    Quote Originally Posted by ammark View Post
    I have been able to get a writeoff...
    Last edited by EdgedOut; 17th November 2020 at 12:20.

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