Loan Charge review - round #2

[Paralytic]

Yep seen that and trust his judgement.

But I've also seen people post emails from HMRC after Webberg's post that saying HMRC will be making an announcement regarding the 30/9 loan reporting.

An email from HMRC (or, more correctly, a report from randomers on the internet of emails from HMRC) does not override what is written in law. What's your attitude to risk?

Have you read this: https://assets.publishing.service.go...review_web.pdf ?

[webberg]

An email from HMRC (or, more correctly, a report from randomers on the internet of emails from HMRC) does not override what is written in law. What's your attitude to risk?

Have you read this: https://assets.publishing.service.go...review_web.pdf ?

Agreed.

I do not trust a statement from HMRC over the statute.

Unless you have a final settlement offer agreed, I would recommend disclosing.

[Dmac]

The following is an extract from Jesse Norman's letter to all MP dated 11 September 2016:-

"Individuals should continue to prepare to file a 2018-19 Self Assessment return and pay
the Loan Charge by 31 January 2020. However, we do not know what Sir Amyas will
recommend and I recognise that naturally some individuals may have concerns about
forthcoming deadlines ahead of the Review’s conclusion.

As a result, I can confirm that I have agreed with HMRC that those in the process of
settling will be able to pause and wait for the outcome of the Review before deciding
whether to proceed. However, individuals who are subject to the Loan Charge but who
have not yet settled should still submit an information return to HMRC setting out their
loan balance by 30 September 2019."

This letter was sent to a constituent by his MP, who received it from Mr Norman. Can't actually find the letter anywhere official though so treat with the usual caution.

[dammit chloe]

Interpret how you will. To me sounds like if you have start on the road to settlement before 5th April ( ie submitted loan figures ) then you don't need to submit. This is consistent with what another tax advisor says.

HM Revenue & Customs on Twitter: "If you’re affected by the loan charge and didn’t take action to settle by 5 April 2019, you need to complete an information return by 30 September 2019. The loan charge review doesn’t change this https://t.co/waLV6GGUug… https://t.co/KxSzJs4G6v"

[DavidD]

I just received this from HMRC:

Thank you for your e-mail which was received on Xxxxx

Following the Prime Minister’s announcement on 4 September 2019, the Chancellor, Sajid Javid, has commissioned an independent review of the Disguised Remuneration Loan Charge led by Sir Amyas Morse, former Chief Executive and Comptroller and Auditor General of the National Audit Office.



While the review is ongoing, the Loan Charge remains in force, in line with current legislation.



We recognise customers may be unclear what they should do for the 30 September information return, and/or settling their disguised remuneration affairs whist the review is underway. To help those affected we have published guidance on GOV.UK which is available at: https://assets.publishing.service.go...review_web.pdf

[ChargeConcern]

Hi

Sorry this is the wrong place/thread to ask but I am one of the people who knew nothing about the Loan Charge until a mail dropped through my door a few weeks ago. I also apologise if this has been covered elsewhere on the site and I haven't tracked it down
My loans all relate to 15 to 17 years ago
I have been frantically trying to understand and quantify my liability since then. Is anyone able to confirm whether Loans which have been waived (in this case in 2006) and where the EBT was closed over 10 years ago are still liable?

[dammit chloe]

Hi

Sorry this is the wrong place/thread to ask but I am one of the people who knew nothing about the Loan Charge until a mail dropped through my door a few weeks ago. I also apologise if this has been covered elsewhere on the site and I haven't tracked it down
My loans all relate to 15 to 17 years ago
I have been frantically trying to understand and quantify my liability since then. Is anyone able to confirm whether Loans which have been waived (in this case in 2006) and where the EBT was closed over 10 years ago are still liable?

You need speak to an advisor. Most of these types of things are caught but without details impossible to say. A start would be if you were in a scheme, what scheme?

Join LCAG Loan Charge Action Group. Quick search will find it. They are leading the charge politically and note that there is a review now happening.

[ChimpMaster]

I just received this from HMRC:

Thank you for your e-mail which was received on Xxxxx

Following the Prime Minister’s announcement on 4 September 2019, the Chancellor, Sajid Javid, has commissioned an independent review of the Disguised Remuneration Loan Charge led by Sir Amyas Morse, former Chief Executive and Comptroller and Auditor General of the National Audit Office.

While the review is ongoing, the Loan Charge remains in force, in line with current legislation.

We recognise customers may be unclear what they should do for the 30 September information return, and/or settling their disguised remuneration affairs whist the review is underway. To help those affected we have published guidance on GOV.UK which is available at: https://assets.publishing.service.go...review_web.pdf

I got this same email today. It looks like a blanket response to all people who are within the settlement process.

It is very clear from the link that we do not have to report loans for the Sept 30th deadline.

[ChargeConcern]

You need speak to an advisor. Most of these types of things are caught but without details impossible to say. A start would be if you were in a scheme, what scheme?

Join LCAG Loan Charge Action Group. Quick search will find it. They are leading the charge politically and note that there is a review now happening.

Thanks I am a bit behind the curve here
I haven't been a Contractor for 15 years so haven't had an Accountant or Tax Advisor for the same amount of time and guess I need to contact one double quick.
The schemes were Contracting Solutions/Lutea & Horizon/Lutea. For CS/Lutea I was told the Loans had been waived in 2006

[dammit chloe]

Thanks I am a bit behind the curve here
I haven't been a Contractor for 15 years so haven't had an Accountant or Tax Advisor for the same amount of time and guess I need to contact one double quick.
The schemes were Contracting Solutions/Lutea & Horizon/Lutea. For CS/Lutea I was told the Loans had been waived in 2006

Snap. I was with them. So yes they are in the frame. Venturis trust now holds the Loan Info. Some loans were waived, some were "technically paid off". HMRC has resurrected them and want payment based on the original sterling value. Not sure if CS loans are being reported to HMRC, they have no records of mine, but Horizon ones definitely are.

Sorry.