What is the 2019 Loan Charge?

[Iliketax]

Not declaring them in 2019 is non- compliance not evasion. Let's not get into the scare mongering or doing as hmrc and blur the lines between the two.

If you deliberately don't put them on the 2018/19 tax return when you should have then that sounds very much like fraud (see s3 Fraud Act 2006). It also sounds like cheating the public revenue (see s32(1)(a) Theft Act 1968). Both those sound like tax evasion (see for example the definitions in s45 Criminal Finance Act 2017).

Or if you prefer Wiki:

Tax evasion often entails taxpayers deliberately misrepresenting the true state of their affairs to the tax authorities to reduce their tax liability and includes dishonest tax reporting, such as declaring less income, profits or gains than the amounts actually earned, or overstating deductions

If you did not know that they should have been put on the tax return, that's a different thing.

[Loan Ranger]

How do you figure that. If loans were declared 10 or so yrs ago , it's not evasion. Not declaring them in 2019 is non- compliance not evasion. Let's not get into the scare mongering or doing as hmrc and blur the lines between the two.

This is the way I look at it.

Under the LC, the outstanding loans are treated as taxable income (earnings) in 2018/19.

By not declaring this on your tax return, you are hiding a big part of your taxable income.

This doesn't sound any different to me than not declaring income from rental property on your tax return.

[ChimpMaster]

If you deliberately don't put them on the 2018/19 tax return when you should have then that sounds very much like fraud (see s3 Fraud Act 2006). It also sounds like cheating the public revenue (see s32(1)(a) Theft Act 1968). Both those sound like tax evasion (see for example the definitions in s45 Criminal Finance Act 2017).

Or if you prefer Wiki:

If you did not know that they should have been put on the tax return, that's a different thing.

Stop the world. "Cheating". Well I never. Good use of terminology there. The irony.

The revenue collector on notice of his own willing and under pretence of higher authority hath ordered you to the gallows to serve your penance.

There is only one function of the gallows. This is neither choice nor chance.

Henry VIII could not have formulated a greater injustice.

[Laxmi]

Stop the world. "Cheating". Well I never. Good use of terminology there. The irony.

The revenue collector on notice of his own willing and under pretence of higher authority hath ordered you to the gallows to serve your penance.

There is only one function of the gallows. This is neither choice nor chance.

Henry VIII could not have formulate
d a greater injustice.

Laughable really, hmrc/ukgovmt cheat us all the time. Making up rules, sitting an hands for decades, no legal arguments so threats is all we get. Cheating the public really on funding illegal wars & big govt expenses, privatisation & still high taxes inc. nhs, ah the contempt & corruption - the list goes on.

[nobody123]

What about declaring on your tax return income received from a Employee Benefit Trust (EBT) whereby the amounts were classed as ‘dividends’ rather than ‘loans’ (non-loan scheme)?

[Loan Ranger]

What about declaring on your tax return income received from a Employee Benefit Trust (EBT) whereby the amounts were classed as ‘dividends’ rather than ‘loans’ (non-loan scheme)?

The 2019 charge only applies to loans.

[Laxmi]

PLease sign these petitions

https://you.38degrees.org.uk/petitio...r-share-button

https://petition.parliament.uk/petitions/218582

[InNZ]

https://you.38degrees.org.uk/petitio...r-share-button

https://petition.parliament.uk/petitions/218582

Laxmi - would it be better to start a new thread for this one?

[joed]

https://you.38degrees.org.uk/petitio...r-share-button

https://petition.parliament.uk/petitions/218582

There's less than 200 people on the UK parlaiment petition one. Are people apathetic or does no one believe it will have the slightest effect?

[MrButton]

What is the 2019 Loan Charge?

There's less than 200 people on the UK parlaiment petition one. Are people apathetic or does no one believe it will have the slightest effect?

Neither of those. Well maybe they don’t believe it will have an effect. But ilI don’t think that’s the reason for a poor turnout.