Disputed ODLA - client will settle with the liquidator - if his tax liability is cleared .. I have been told that is - clarification please.
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What was the dispute?
Are you saying that effectively the 2015 write-off is partly reversed so it's treated as if there was an amount outstanding from 2015 to now?
You mean that an individual paid tax on a loan waiver, the validity of which is now challenged by the liquidator and is now agreed to be set aside?
Or has he not yet paid the tax? If so, how is that given that you say the waiver was executed in 2015?
How can he afford to repay the DLA but not the tax?
Are HMRC not all over him like a rash for not having paid his 2014/15 or 2015/16 tax liability? If not, why not?
Well he’ll certainly have to pay tax on the part of the loan that he does not repay.
You say HMRC are the only creditor - you mean of the company or him?
I would not count on HMRC reducing the tax liability unless someone runs it past them first.
probs 2 late 2 reclaim tax pd on waiver unless special relief claimed;unlikely to be accepted by hmrc;move on