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Whilst there was an admission that the Loan Charge was designed to avoid (an interesting word in the context of Disguised Remuneration) protracted litigation with individuals challenging the HMRC interpretation of their tax affairs and a recognition of the difficulties that this would cause some individuals, the overall conclusion was that the Loan Charge “is the right approach to ensure fairness for the vast majority of UK taxpayers who pay the right amount of tax at the right time and draw a line under this form of tax avoidance.”
As a result, the Loan Charge will be applied to outstanding loans under Disguised Remuneration Schemes on 5th April. The HMRC have clarified what outstanding means. They state “The charge will apply to all loans made since 6 April 1999 if they are still outstanding on 5 April 2019. The charge will not arise on outstanding loans if the user has agreed or is progressing towards settlement with HMRC before 5 April 2019.”
It is not too late to start this process with HMRC by contacting them by email at cl.resolution@hmrc.gsi.gov.uk. The information that needs to be provided by 5th April is:
If you would like our assistance or have any questions, please contact us at tax@cooperfaure.co.uk.
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