The report is out.
Report on time limits and the disguised remuneration loan charge - GOV.UK
Stripped of the same tired "justifications", shown time and again to be based on skewed statistics and a desire in HMRC to cover up their inept administration, it says that the loan charge is justified and proportionate.
I disagree.
I consider it to be a deliberate attack on the weakest link in the chain of those who benefited the least from the schemes.
I consider HMRC to be cynical in their choice of target because they know that they are untouchable and subject to at best lickspittle oversight.
I'm sure we'll pick over the multiple inaccuracies and unfairnesses in the days to come.
Now though, all contractors need to turn their attention to the loan charge which is very real.
The only guaranteed means to avoid the charge are to settle or to repay the loan in real money. (repaying it via some exchange of obligations which does not see money enter and leave your bank account, is going to be challenged).
Perhaps the next best is a litigation that seeks to challenge on the grounds of application of the law to the circumstances (and yes, I mean Big Group).
Then perhaps a judicial review on the ability of HMRC to operate it appropriately or correctly.
Then perhaps emigrating to the moon.
Then perhaps think about (and reject) a scheme.
Remember that loan charge or not, the underlying liability on open years still needs to be agreed at some point, in some manner. That may be agreement or as a Judge decides, but it has to happen.
Report on time limits and the disguised remuneration loan charge - GOV.UK
Stripped of the same tired "justifications", shown time and again to be based on skewed statistics and a desire in HMRC to cover up their inept administration, it says that the loan charge is justified and proportionate.
I disagree.
I consider it to be a deliberate attack on the weakest link in the chain of those who benefited the least from the schemes.
I consider HMRC to be cynical in their choice of target because they know that they are untouchable and subject to at best lickspittle oversight.
I'm sure we'll pick over the multiple inaccuracies and unfairnesses in the days to come.
Now though, all contractors need to turn their attention to the loan charge which is very real.
The only guaranteed means to avoid the charge are to settle or to repay the loan in real money. (repaying it via some exchange of obligations which does not see money enter and leave your bank account, is going to be challenged).
Perhaps the next best is a litigation that seeks to challenge on the grounds of application of the law to the circumstances (and yes, I mean Big Group).
Then perhaps a judicial review on the ability of HMRC to operate it appropriately or correctly.
Then perhaps emigrating to the moon.
Then perhaps think about (and reject) a scheme.
Remember that loan charge or not, the underlying liability on open years still needs to be agreed at some point, in some manner. That may be agreement or as a Judge decides, but it has to happen.
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