LC2019 implications on loans already taxed

[parallelmonogamist]

Thanks both.

Regarding years that you've received APNs for and paid those APNs, how does the LC2019 fit in there?
Similarly, tax has been paid on those years, although it's still under dispute.

Surely this doesn't get taxed again under LC?

[Scotslaw]

Tax would be due on 2 accounts:
1. Tax on the loan amount when treated as income
This has been calculated and paid, so you should be safe. It would only come up if you were investigated, in which case you have your SATR as proof.
2. Tax on the loan amount as inheritance, once the loan has been written off.
If and when the loan is written off by the trust, it becomes an inheritance and subject to IHT. I'm not sure how it works if you already paid income tax on it, but an advisor would be able to guide in this regard. You only need worry about this if the trust has written off your loan and sent you a confirmation about it.

[GreenMirror]

You should not pay tax twice. Though HMRC have requested IHT tax. You do need an adviser to be sure.

[parallelmonogamist]

I'm sure this has been covered, but I'm sorry I can't find relevant info.

My post-2011 loans, that I have declared with HMRC and paid tax on them (essentially agreeing the tax is due), are still loans that have not been repaid.
With the advent of the LC, is HMRC now going to be so brazen as to expect me to pay the charge on this amount as well?

Any pointers to advice on this point much appreciated.