Quantum Law / Tax Planning – SDLT Scheme from 2010

Quantum Law / Tax Planning – SDLT Scheme from 2010

9:37 AM, 17th November 2014, About 9 years ago 25

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Has anyone on Property 118 had any dealings with Quantum Law or Quantum Tax Planning Ltd, regarding their Stamp Duty land Tax Scheme from around 2009 / 2010? Quantum Law Tax Planning - SDLT Scheme from 2010

If so, have you had any correspondence fro HMRC concerning a Discovery Assessment asking for all the SDLT saved to be paid over?

I used the Quantum scheme which did include insurance in case the scheme was challenged, however that insurance was only for a set period and the HMRC assessment has come much later on and I guess we are no longer insured.

The original Quantum company seems to have disappeared but Quantum Law LLP seem to have taken some form of responsibility and are recommending that we and all the other people who are affected by having used their scheme, should join a group action in the First Tier Tribunal.

So, is there anyone else involved in this action and what do you make of it, please?

Many thanks

Max Wright


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Comments

splodge er

19:46 PM, 2nd September 2015, About 9 years ago

Yes - sorry. We used Quantum. They sent a letter to HMRC saying that they would appeal. I guess you are further down line?

Max Wright

20:47 PM, 2nd September 2015, About 9 years ago

Reply to the comment left by "splodge er" at "02/09/2015 - 19:46":

Hi there, maybe drop me an email at maxwright13@me.com with your details, s I can update you offline.

splodge er

20:56 PM, 2nd September 2015, About 9 years ago

Reply to the comment left by "Max Wright" at "02/09/2015 - 20:47":

Thanks - that's v. kind

splodge er

21:00 PM, 2nd September 2015, About 9 years ago

Reply to the comment left by "Max Wright" at "02/09/2015 - 20:47":

Thanks - that's v. kind

Seth Solanki

13:15 PM, 29th October 2015, About 9 years ago

Hello All. I have recently found myself in the same boat and have received a letter from the HMRC. My tax planning was done in Sept 2010 with the help of Quantum Tax who I believe are now Quantum Law LLP.

I was wondering how far you have all got with the HMRC?

My current position is that I have been offered an opportunity to register my in interest to settle and I am debating whether to do so. I have not received a letter telling me that an assessment is being carried out but one to tell me that they believe the 'avoidance scheme' I have used is ineffective.
I believe that the HMRC are out of time for me as it has been over 4 years but they appear to be playing the careless behaviour card in forums that I have read so not sure wehether to just pay up .

Have Quantum LLP been supportive to any of you and if so what have they recommended? I believed I also had insurance but am having difficulty finding the paperwork and think that it may also have lapsed. Did any of you get more than 4 years or any other terms in the insurance that would cover an assessment at a later date? Mine was with Abbey Tax.

It would be good to hear from any of you.

Simon Lever - Chartered Accountant helping clients get the best returns from their properties

18:18 PM, 30th October 2015, About 9 years ago

To everyone that has used such a scheme I would advise you to seriously consider settling. According to [url=https://www.gov.uk/government/publications/spotlight-25-stamp-duty-land-tax-avoidance-no-human-rights-breach-in-stamp-duty-avoidance-challenge/spotlight-25-stamp-duty-land-tax-avoidance-no-human-rights-breach-in-stamp-duty-avoidance-challenge] HMRC web site [/url] they have 100% success rate in challenging SDLT schemes.

If you have relied on the claim that the scheme promoter has counsel's opinion then you need to look at what the question was that the opinion was given on. Sometimes the question asked does not fully relate to the scheme as it is set up.

If you are thinking of fighting this then ask yourself what are the ongoing costs going to be and what are the chances of success. This will help you make your mind up.

As always take professional advice from an expert. Whilst they do a good job, in most cases, your high street accountant and solicitor are probaly not knowledgable enough to fight HMRC. Ask them to refer you to a specialist.

Max Wright

11:54 AM, 31st October 2015, About 9 years ago

Hi Simon

As someone who is in this boat, and currently undecided which course of action to take, I am interested in everyone's views and comments, but I try to look beyond the obvious and top level reporting.

Firstly the HMRC claim that they have 100% success rate challenging SDLT schemes is in itself very misleading, they may have 100% success in the ones they have taken all the way, but how many timeshare they decided at a later stage not to continue, or to settle? I think that statistic is unlikely to be revealed, however, I would put money on it not remaining at 100%

Also, I read the article you referred to and that was also misleading. If you read through the report on the case mentioned, it says: "The question here is not whether the appellants' schemes would have actually worked, though that is hotly contested, but simply whether the retrospective legislation targeting them violated the ECHR" This is a different matter altogether, it proves nothing in relation to the Quantum scheme and how viable it was.

If you have any other information, that may help myself and others in this boat to make the right decision, please let us know.

13:30 PM, 18th November 2015, About 8 years ago

I am in the same boat. I have until tomorrow to let the HMRC know of our intention.

Anyone have any further news?

Max Wright

14:50 PM, 18th November 2015, About 8 years ago

Reply to the comment left by "Nick Munroe" at "18/11/2015 - 13:30":

Hi Nick

My contacts tell me that the settlement we would get from HMRC is to pay the full amount due plus interest, no negotiation at all.

Have you been offered to join the legal challenge via Quantum?

A number of us are considering doing that.

15:05 PM, 18th November 2015, About 8 years ago

Hello max. Please could you contact me at: info@sibaniplastics.com hopefully we can have a chat and I can let you know our position.

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