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JC Thanks for doing that, appreciated as always. As an aside, …

Comment on HMRC vs MGH by Homunculus.


Thanks for doing that, appreciated as always. As an aside, I was reading some basic stuff on trusts just a few days ago (totally unrelated to this honestly, just an onerous thing I had to do) and came across the concept of the letter of wishes. I copy this from the interweb by way of explanation.

“A letter of wishes is a non-binding indication by the settlor of the manner in which he wishes the trustees to exercise their discretion in relation to a discretionary trust.”

The settlor is the person / entity putting the money in.

I believe, as I said the other night, that the crux of the matter is and always has been the lack of discretion with both the payments into the trust and the “loans” out. That is what makes the whole thing fail. You cannot have a discretionary trust when neither the settlor or the trustee has any discretion and it is in fact a contractual obligation between employer (settlor) and employee (beneficiary).

With regard who the money can be paid to, are they suggesting that if I have my salary paid directly into my wife’s bank account (which would at least cut out the middle man) then there is no tax due. I’ll set that up tomorrow then, what a wizard wheeze.

Homunculus Also Commented


Is the chap appearing for the respondent.

If so he is clearly a clever and talented man, however going by the webpage this isn’t really his field. I’m not saying he isn’t more than capable, it just seems his expertise may be in other areas.

“His expertise covers media law, professional negligence, professional discipline, insurance law, commercial disputes, procurement, intellectual property, human rights, prescription and limitation, and judicial review.”

Thanks for that EJ, as with JC the efforts are much appreciated.

I would pick up specifically on one point you bring from the hearing.

“He focussed on the transfer of money from the employer to the main trust as being taxable at that point.

And say, not to you, to the World in general … “No ships, Shylock” who would have thunk it.

HirsutePursuit says:
Member: (94 comments)

July 8, 2015 at 12:18 pm

That was my understanding, and as stated in my last I don’t imagine HMRC would choose to go further, even if they could.

Recent Comments by Homunculus

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He has a logo already

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JANUARY 2, 2018 at 16:03

Not the humility then.

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You guessed, what gave it away.

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Our hero, and he really is a hero is at it again with his self-effacing prose.

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I’m assuming he means demur, however he could well be a shy, modest lady. 

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Can you guess who it is yet. 

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