The Foskett Panel

1. Funding will be available to cover professional assistance to the Customer to: obtain and provide relevant information to the Panel regarding the Customer’s tax position; respond to any queries from the Panel; review the details of the provisional Tax Award as set out in the Tax MTD and provide comments to the Panel on the Tax MTD; and prepare or amend the Customer’s self-assessment tax return to reflect the various components of the Tax Award including making any relevant applications for exemptions, disclosures or claims. Further details of costs that are covered and not covered by the funding arrangement with LBG are given below.
2. Note that Customers who have accepted a Fixed Sum Award will have left the Re-Review. The below policy applies only to Customers who remain in the Re-Review and receive a Panel Award. There is a separate guidance for Customers who have accepted a Fixed Sum Award here.

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What costs will be covered?

3. The funding is restricted to covering the reasonable fees for:
   • tax advice including UK and foreign taxes
   • from a suitably qualified tax adviser
   • to support the Customer in the Re-Review specifically in relation to their Tax Award.
4. ‘Suitably qualified tax adviser’ for these purposes means a personal tax adviser who is a member of an appropriate professional body such as CIOT or ATT or the ICAEW or a qualified lawyer who is providing tax advice within their expertise that relates to the Customer’s tax position arising from the Re-Review receipts. If advising on foreign taxes then the adviser should have an equivalent qualification in the relevant jurisdiction.

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What is not covered by the funding?

5. The funding available does not cover the costs of general legal advice, which is not expected to be required. No legal submissions will be needed and any submissions to be made on behalf of a Customer are purely related to the tax position and support is therefore expected to come from a tax adviser as opposed to a lawyer in most cases. The costs of lawyers simply corresponding on a Customer’s behalf will not be covered (unless the lawyer is acting for a Customer out of necessity, for example because the Customer is incapacitated due to illness and the lawyer is engaged to manage their affairs).
6. Funding is not available to cover general tax compliance support unrelated to the Re-Review receipts and so tax advisers should keep detailed records and claim only the part of their costs that is relevant to the tax treatment of the Re-Review receipts (excluding other tax advice and compliance work).

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How to claim for funding for tax advice costs in the Tax MTD Review stage.

7. We will contact you shortly in advance of the issue of your Tax MTD to provide you notice that you will be receiving your Tax MTD. This will allow you time to engage a tax adviser to assist you in considering the Tax MTD. This advance notice of the Tax MTD signals the start of the Tax MTD Review stage.
8. In addition to any funding claimed for costs incurred in relation to the earlier stages including advice in connection with any Provisional Tax Analysis issued by the Panel, LBG will contribute a further amount towards tax advice costs in the Tax MTD Review stage. This additional amount will be capped at £8,500 plus VAT. No prior approval will be required.
9. The Customer (or their professional adviser) should send a copy of the invoice(s) with a supporting analysis showing a full breakdown of the costs incurred in this stage, to rereviewenquiries@lloydsbanking.com. The breakdown should make clear that the costs claimed fall within the categories of allowable costs as set out in paragraphs 3 and 4 above and do not include any ineligible items as set out in paragraphs 5 and 6.

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