Hiding from the LC

[catanonia]

Yes, if you are aware of it, take action. Burying your head in the sand will not make this go away.

[Loan Ranger]

I am pretty sure that if the individual doesn't comply with the loan charge (if they haven't settled etc) then the penalties are far worse than what you describe. It then becomes a case of tax evasion, due to the way HMRC have enshrined the DR Charge in statute.

There are going to be a lot of people who don't comply simply because they are unaware of it.

Which is hardly surprising when it affects transactions undertaken up to 20 years ago.

[ChimpMaster]

I am pretty sure that if the individual doesn't comply with the loan charge (if they haven't settled etc) then the penalties are far worse than what you describe. It then becomes a case of tax evasion, due to the way HMRC have enshrined the DR Charge in statute.

[Loan Ranger]

A few posters have mentioned keeping their heads down, staying off the radar.

Here are a few points to bear in mind.

1. Even if you don't provide loan charge info to HMRC by the 30 Sept 2019 deadline, the scheme promoter (trustees), if they are still around, probably will do.
2. If you have open enquiries, or assessments, then HMRC will very likely catch up with you eventually.
3. If you don't comply by 30 Sept 2019, and HMRC find you, you'll get a £300 penalty. You'll then be charged a further £60 penalty per day until you do provide them with the loan charge info.

For some people, the penalties may be a risk worth taking.

Good luck!