This thread was spiit to keep the details of the consultation (when it eventually appears) clear.
I will move any debates into the other thread.
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Reply to: 2019 Loan Charge "Consultation"
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Previously on "2019 Loan Charge "Consultation""
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Originally posted by EBTContractor View PostAnd, if you have had an enquiry opened, then formally closed with no assessment raised - will any closed years have an assessment raised against them?
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Originally posted by webberg View PostWhat if you have already reached agreement for 2010/11 and earlier and that included one or more closed years. Can the new tax charge be applied to those closed years?
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Yes, hopefully whatever the update is it sheds some light on some or all of these points listed to some extent. There clearly needs to be an advance on the current position.
I came across this from 28th July there is a digital meeting on this list for contractor loans:
https://www.gov.uk/government/news/w...ent-or-adviser
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How long have you got?
First, the consultation is NOT about whether the charge will be imposed. That is a given. We're told it is Government policy and it will be introduced. (Whether the new post Brexit Gov't thinks it remains a good policy, remains to be seen).
Second, the consultation is about how the charge will be implemented and operated.
Third, there are a number of quite serious difficulties for HMRC here. For example, the charge is said to apply to all outstanding loans at April 2019. What if you have already reached agreement for 2010/11 and earlier and that included one or more closed years. Can the new tax charge be applied to those closed years?
Fourth, what happens if a Tribunal/Court case decides that the loans are not taxable in say 2020?
Fifth, HMRC say that they will raise assessments even where the borrower is no longer UK tax resident. Is such a unilateral extension of taxing powers legal in the UK or elsewhere?
You can imagine that a coalition of professionals and contractor bodies are gearing up for a fight.
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I suppose It's a starting point to inform the next steps, as it should contain actual specifics and the professionals will be able to plan based on those.
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And what are we expecting to come out of this consultation document?
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Originally posted by webberg View PostI have no hard news on this other than to say that a letter from HMRC yesterday made reference to the "impending" consultation document.
They're probably just waiting for every single professional to be on annual leave to kick off a blitz consultation that'll last a week or so.
(Not unlike the "webinar", for which they gave 24h notice or so on an obscure page buried deep within the unholy mess that is the HMRC website.)Last edited by DotasScandal; 3 August 2016, 10:07.
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I have no hard news on this other than to say that a letter from HMRC yesterday made reference to the "impending" consultation document.
This might be some junior officer's interpretation with no particular insight or, given the letter's source, it might be a more informed view.
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2019 Loan Charge "Consultation"
This was supposed to happen over the Summer
I'm assuming it won't now be over the summer as its August 3rd nothing is happening - is there a revised date or do we have to hassle the HMRCTags: None
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