Introduction of the 2019 Loan Charge

[Simon100]

On Thursday 4 April parliment is scheduled to debate a motion relating to the introduction of the 2019 Loan Charge. See link below for details.

Introduction of the 2019 Loan Charge - Commons Library briefing - UK Parliament

[Iter]

Is this to address the recent shambles of a review, hopefully Stride will bother to turn up for a grilling

[Boodog]

Is this to address the recent shambles of a review, hopefully Stride will bother to turn up for a grilling

Seriously? April 4th - Day before the tax year end and loan charge implementation. Bit late?

[wilks]

Seriously? April 4th - Day before the tax year end and loan charge implementation. Bit late?

why is it "a bit late"? Its not like you need to do anything on 6th April....you have 6 months before cutoff to report your loans using the TBD HMRC tool. It is also already legislation so the new tax year does not make it real, its already real.
Plenty time for MPs to get their act together and affect change.

[kryten22uk]

why is it "a bit late"? Its not like you need to do anything on 6th April....you have 6 months before cutoff to report your loans using the TBD HMRC tool. It is also already legislation so the new tax year does not make it real, its already real.

Maybe for those going for the LC, It's a bit late for those with a settlement offer deciding whether to accept or not. Can't leave it beyond 5 April.

[Aki1]

Maybe for those going for the LC, It's a bit late for those with a settlement offer deciding whether to accept or not. Can't leave it beyond 5 April.

Yes you can - HMRC have already stated that if you are genuine about settling then they will go beyond this date

[Iter]

If papers are already drawn up I guess there may just be an admin change to dates on the contracts but yes generally the same terms would apply, and I assume no further interest added?

[kryten22uk]

Yes you can - HMRC have already stated that if you are genuine about settling then they will go beyond this date

Thats not quite what they said. They said if you gave them all the information then delays at their end wouldnt be held against the taxpayer. If you have already received your settlement quote, then HMRC have done their end of the deal, and you dont have the benefit of umming-and-erring whilst the topic gets debated in parliament.

[Iter]

Whilst you shouldn’t be disadvantaged by the agreed settlement amount if contracts are delayed/signed, the contracts may just need ‘rewording’ if not completed until after 5 April . so Ive been informed ....

[EBTContractor]

My understanding is you have until about August to decide if you want to settle, if you're enquired and received a pack back.