Update on the implementation of the loan charge

[webberg]

So based on this, I want to ensure I get this right. I have loans from 07/08 (before the 2010 cut off). Does this mean that:

1) I am still eligible for the liability of whatever they calculated (including the interest, which I have always been skeptical about since it has taken HMRC over 10 years to get this addressed). Not sure what "eligible for liability means?" If you mean, are you liable for tax from 07/08, the answer is that HMRC will claim this IF - big and important IF - you have an open enquiry or unresolved discovery assessment. Just because you are not liable for the loan charge does NOT mean that your liability disappears. This has ALWAYS been the case even though it's a surprise to some - including advisers.
2) I am no longer subject to any Loan Charge that comes into force. Correct
3) I am supposed to fill out a Tax return for FY19 including ALL amounts in the investigated period. You can exclude all years/periods to 9/12/10
4) HMRC will then issue a tax liability on the back of that return. If there is a loan charge - yes.

I have some understanding and I want to move on but every letter and notice and update that HMRC post/send, is confusing at best.

Very Frustrating. Anyone got any experience with the above scenario?

Lots of experience with the above scenario.

[eek]

So based on this, I want to ensure I get this right. I have loans from 07/08 (before the 2010 cut off). Does this mean that:

1) I am still eligible for the liability of whatever they calculated (including the interest, which I have always been skeptical about since it has taken HMRC over 10 years to get this addressed).
2) I am no longer subject to any Loan Charge that comes into force.
3) I am supposed to fill out a Tax return for FY19 including ALL amounts in the investigated period.
4) HMRC will then issue a tax liability on the back of that return.

I have some understanding and I want to move on but every letter and notice and update that HMRC post/send, is confusing at best.

Very Frustrating. Anyone got any experience with the above scenario?

Once again - don't trust advice from on here (this is an anonymous forum where you don't know the real motives of the posters) but you need proper tax advice - WTT (webberg) post on here so ask them.

[Shedseven]

Published by HMRC this morning:

Update on the implementation of the loan charge - GOV.UK

So based on this, I want to ensure I get this right. I have loans from 07/08 (before the 2010 cut off). Does this mean that:

1) I am still eligible for the liability of whatever they calculated (including the interest, which I have always been skeptical about since it has taken HMRC over 10 years to get this addressed).
2) I am no longer subject to any Loan Charge that comes into force.
3) I am supposed to fill out a Tax return for FY19 including ALL amounts in the investigated period.
4) HMRC will then issue a tax liability on the back of that return.

I have some understanding and I want to move on but every letter and notice and update that HMRC post/send, is confusing at best.

Very Frustrating. Anyone got any experience with the above scenario?

[regron]

Published by HMRC this morning:

Update on the implementation of the loan charge - GOV.UK