Richard Coombs considers HMRC’s updated guidance on collecting any residual tax due as a result of the loan charge.
The legislative changes brought about by the independent review into the controversial loan charge received Royal Assent on 22 July and are therefore now law.
If you used a disguised remuneration scheme between the 6 April 1999 and 5 April 2016 and settled the tax due with HMRC between 16 March 2016 and 11 March 2020, you may be eligible for a refund or a waiver.
HMRC clarifies its position on loan charge liabilities but 30 September deadline still fixed.
Richard Coombs, Tax partner at Bates Weston, looks at the HMRC Loan Charge Review and the arrangements for repayment of settlement amounts.
On the 20 December 2019 the much anticipated Loan Charge Review was published. Richard Coombs, tax partner at Bates Weston summarises its main recommendations and gives his thoughts on what may happen next.