As a result of the impending General Election, the Government yesterday announced a short delay to the publication of the much anticipated loan charge report following the independent review into the controversial loan charge legislation.
In a letter to Sir Amyas Morse, who is leading the review, the Financial Secretary to the Teasury has asked the publication of the report to be postponed until the new Government is formed.
Richard Coombs, tax partner at Bates Weston comments:
“As such, we should expect the report in the days following the election on 12 December. I suspect this news is welcome for Sir Amyas, who has been supplied with an enormous amount of evidence from the profession in the last few weeks, as he now has more time to consider it carefully and come to an informed and unrushed conclusion.”
The independent review into the Disguised Remuneration Loan Charge was originally commissioned by the Chancellor Sajid Javid on 11 September, with evidence requested for submission before 30 September. Until the Government has had the opportunity to consider and respond to the report on this review, updating its guidance appropriately, it reminds taxpayers that:
“The loan charge remains in operation and you should continue to meet your legal obligations. This includes reporting the loan charge on your tax return by 31 January 2020. If your liability to the loan charge changes as a result of the government response to the review you can amend your tax return for 2018/19. ”
We look forward to reading the loan charge report and if you are affected by the loan charge, we can help to clarify your position. Contact Richard Coombs on 01332 365855 or firstname.lastname@example.org