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  1. 1. Everything I write is not worth the paper it...

    1. Everything I write is not worth the paper it is not written on.

    2. I know nothing about VAT so make sure you get proper advice on that.

    3. Company on acquisition: value of shares should be...
  2. How about a few more facts about the valuation: ...

    How about a few more facts about the valuation:

    1. What price is the company paying for the shares?

    2. Why is the company paying that price?

    3. What price have other people bought shares for...
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    You need to take your own advice on your own...

    You need to take your own advice on your own specific circumstances but if it is as simple as you say and "settle in full" means you've paid the tax (or you have agreed time to pay) then the amount...
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    You can see the article here: TimesEditorScotland...

    You can see the article here: TimesEditorScotland on Twitter: "Here’s the front page of Thursday’s @thetimesscot ...… "

    Someone has written a blog post to say why they think the article is spin:...
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    That's not what the bit I've underlined says: ...

    That's not what the bit I've underlined says:



    It just says "income tax" and so that would include earnings (as per Rangers). If your view was right, "income tax" would have to be changed to...
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    Of course there are safeguards: - s554Z5 ITEPA...

    Of course there are safeguards:

    - s554Z5 ITEPA 2003 Finance Act 2017 This one applies where you've already paid the tax. It works on a "gross" basis and so means that the amount subject to tax...
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    Yes. Ask your account to double check the...

    Yes.

    Ask your account to double check the legislation. The test is about whether the company has been your personal company throughout those two years. Or you could just google something like...
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    There is no conundrum as that is not how...

    There is no conundrum as that is not how entrepreneurs' relief works. It's all about whether the shares you dispose of are in your "personal company", not when you got any particular shares.
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    So let me understand this... At the moment,...

    So let me understand this...

    At the moment, HMRC sends you a letter asking you to complete a tax return. This is prepared by a computer.

    If you claim you didn't get the letter you can, if...
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    How so?

    How so?
  11. Great. Can you explain to me how annuities are...

    Great. Can you explain to me how annuities are taxed then and how the GAAR applies please?
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    https://assets.publishing.service.gov.uk/media/5db...

    https://assets.publishing.service.gov.uk/media/5db2ee88e5274a4aa7eafd5f/CHRISTA_ACKROYD_MEDIA_LTD_v_HMRC.pdf
  13. So register with HMRC as self-employed, include...

    So register with HMRC as self-employed, include the value of the shares in the turnover of your accounts and pay normal trading income tax on your profits. No PAYE issue, no s431 election. CGT on...
  14. If the individual is employed by their PSC...

    If the individual is employed by their PSC (rather than someone in the start-ups group) then see s702(5A) ITEPA 2003 - Income Tax (Earnings and Pensions) Act 2003



    That's right - ETASSUM53020 -...
  15. It'll be a question of fact whether it has a UK...

    It'll be a question of fact whether it has a UK permanent establishment. If we are assuming that there is just one employee working in the UK then perhaps, perhaps not.



    If there is a PSC...
  16. My experience with US start-ups is that they...

    My experience with US start-ups is that they typically go for RSAs rather than RSUs because of the ability to do an 83(b). Listed US companies are different.



    I struggle to understand what...
  17. It's all a bit back-to-the-future:Inland Revenue...

    It's all a bit back-to-the-future:Inland Revenue Comrs v Duke of Westminster [1935] UKHL 4 (7 May 1935)
  18. 1. What does "vested" mean? Do you get the stock...

    1. What does "vested" mean? Do you get the stock on Day 1 and the restrictions fall away over three years? If so, a s431 election makes sense as it fixes the tax point and value at the date of...
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    I have no idea what your facts are. But if your...

    I have no idea what your facts are. But if your mum set up the trust it might be true.

    I would be interested to know why the trust lent you the amount it did lend you? Why, for example, did you...
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    I think before 1 October means today.

    I think before 1 October means today.
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    I doubt if anyone has an approved fixed term loan...

    I doubt if anyone has an approved fixed term loan - Finance (No. 2) Act 2017
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    Exactly. So is there is a loan within the...

    Exactly.

    So is there is a loan within the scope of the tax charge? You've not explained your facts or your accountant's feeling so we can't tell. But spending your time posting here suggests...
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    Putting it into the context of council tax, s13...

    Putting it into the context of council tax, s13 basically says "the person who has to pay the council tax is the person who lives there". It doesn't tell you anything about whether there is any...
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    I thought I heard something about there might be...

    I thought I heard something about there might be a general election in the news?
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    Have a listen to PMQs. Something was said there....

    Have a listen to PMQs. Something was said there. I guess the next question is what the Chancellor will think do with the review when it is completed. I don't know what Mr McDonnell's view on the...
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    Is your accountant is independent from the...

    Is your accountant is independent from the promoter, etc? If so, why don't you chat it through your concerns with them? The words "feel" and "might" confuse me. If they haven't, ask them to get off...
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    That is right (unless some part of the loans...

    That is right (unless some part of the loans related to work done outside the UK).
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    No. That is not right.

    No. That is not right.
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    No. That is not right.

    No. That is not right.
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    This is not my area but it suprised me a bit, so...

    This is not my area but it suprised me a bit, so I did some digging...



    That reads ambiguoulsy. It was publicly raised in August 2018:



    The comment on the delay comes from the article...
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    Sticky: Yes, that would make a big difference.

    Yes, that would make a big difference.
  32. Replies
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    Sticky: Can you explain why the bit in bold is right? ...

    Can you explain why the bit in bold is right?

    If you've paid tax under the loan charge equal to the tax due under the open years (and, as you say, the "financial cost of a settlement and the...
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    Boyle v Revenue & Customs [2013] UKFTT 723 (TC)...

    Boyle v Revenue & Customs [2013] UKFTT 723 (TC) (29 November 2013)



    Hoey v Revenue & Customs (PROCEDURE : INCOME TAX - IT contractor employed by offshore company) [2019] UKFTT 489 (TC) (29 July...
  34. The legislation is intended to apply to such...

    The legislation is intended to apply to such loans and was designed to apply to such loans.
    My guess is that the HMRC team that instructed Parliamentary Counsel had read Boyle - Boyle v Revenue &...
  35. Singaporean LLP? No idea. But as I've said...

    Singaporean LLP? No idea. But as I've said before, if I was a participant in one of these schemes I may well be arguing that it isn't and so the April 2019 loan charge is less of an issue (but there...
  36. 1. It doesn't matter. The concept of residence...

    1. It doesn't matter. The concept of residence is relevant for individuals and companies. It has no bearing on the tax treatment of members of a tax transparent LLP. For completeness, if a...
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    Court of Appeal. I'm waiting to hear about a...

    Court of Appeal. I'm waiting to hear about a case where the UT refused permission (but the Court of Appeal goes on holiday today so who knows when I will hear).
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    Ignoring contractors for a moment. There are...

    Ignoring contractors for a moment. There are some people who've borrowed money and who have to repay it in all circumstances. For those people it makes sense to have repaid the loan. I've seen...
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    Sorry, I just assumed you had evidence.

    Sorry, I just assumed you had evidence.
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    Great. Now just collate your evidence of...

    Great. Now just collate your evidence of repayment for when HMRC enquire into your 2018/19 tax return.
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    Have a read of this: Information about the Serial...

    Have a read of this: Information about the Serial Tax Avoidance Regime - GOV.UK

    tl;dr - it's good that it is not a relevant defeat.
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    I'm glad you've got it sorted.

    I'm glad you've got it sorted.
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    That's a different question. I'm just off to...

    That's a different question. I'm just off to walk the dogs now but have you tried googling it? If you can't find it, let me know and I'll find a link.
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    How I can be less obtuse than that.

    How I can be less obtuse than that.
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    Great. Now have a look for the para I mentioned.

    Great. Now have a look for the para I mentioned.
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    Did you see or find para 35A Schedule 11 Finance...

    Did you see or find para 35A Schedule 11 Finance (No 2) Act 2017?

    Out of interest, what currency was the loan in?
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    There are two issues here: 1. Do you owe...

    There are two issues here:


    1. Do you owe money to whoever lent it to you? No idea. I know nothing about insolvency law.

    2. Do you have a tax liability under the April 2019 loan charge...
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    If it is a change to the law then the LCAG's...

    If it is a change to the law then the LCAG's friends in Parliament can try to make further amendments to it. That was something that they can't do with a normal Finance Bill. For various reasons,...
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    That's a strange thing to say. Surely you would...

    That's a strange thing to say. Surely you would want the government to have to change the law.
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    Loan charge starts almost immediately:...

    Loan charge starts almost immediately: https://parliamentlive.tv/event/index/66c8a940-4d21-4266-9331-63ee985273d6
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