Originally posted by sst2019
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Last Spring we emailed advising you of the impending 2019 Loan Charge.
The 2019 Loan Charge applies an income tax charge on loans that are due by you to us, which remain outstanding at 5 April 2019.
Knox House Trustees Limited has carefully considered what actions could be taken to mitigate the impact of this legislation. To this end, we have signed a contract with an independent finance company who will takeover the debt that is due by you to us. In return, a fee is paid by us to the finance company. As part of this contract, it has been necessary to replace the original loan agreement with a new loan.
As part of the regulatory requirements relating to the Loan Charge legislation, you will be required to report the amount of the debt outstanding as at 5 April 2019 to HMRC. When reporting you should advise them of the details of the new loan.
We have engaged a specialist firm to liaise with contractors regarding their loan arrangements. Under the terms of a data sharing agreement the necessary information has been transferred to this team to act as a single point of contact so that enquiries are handled swiftly. Please contact them on (Phone lines will be open from 9am on Monday 8th April ) for details of your new loan agreement. Please quote your unique reference which is detailed at the top of this email.
We trust that this matter will be of interest to you and urge you to take action quickly.
Kind regards
Knox House Trustees Limited
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