Received a letter from West 28th Street?

If you’ve received a letter from West 28th Street Limited about an old loan or remuneration arrangement, you may be feeling confused or concerned – particularly where the arrangements date back many years.

This short video explains what we are seeing at this stage, and what the correspondence does and does not mean in practice. Importantly, based on the letters we have reviewed so far, these are not demands for payment. In most cases, no immediate response or payment is required.

In the video, we cover:

– why these letters are being sent now;
– what “Corrective Annual Statements” and notices of assignment are;
– why the correspondence appears to be a preliminary step, rather than enforcement; and
– what to be aware of if further steps (such as a formal demand) are taken.

Many of the letters relate to historic contractor loan, loan‑based remuneration or Employee Benefit Trust (EBT) arrangements, often entered into more than a decade ago. While many people have already resolved the tax treatment of those arrangements with HMRC, this situation is different.

West 28th Street is not HMRC and is not the original lender; it claims to have acquired certain alleged loan balances by assignment. At this stage, our approach is to monitor developments and bring together individuals who have received similar correspondence, so the position can be assessed clearly and proportionately if matters progress.

Watch the video below or click here to find out more about how Greenwoods can help you.