• Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
  • Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!

Jesse Norman and loan charge

Collapse
X
  •  
  • Filter
  • Time
  • Show
Clear All
new posts

    Jesse Norman and loan charge

    Mr Norman, Financial Secretary to the Treasury, aka "Minister of Tax", is today giving evidence to the House of Lords.

    He has said that where loans etc have been fully disclosed and/or years closed, then the loan charge will not apply.

    Before we break out the jelly and cakes, we're going to await the confirmation of what he actually means in amendments to the legislation.

    Given his predecessors performance in the role and the fact that MPs often say one thing and mean another, we frankly do not trust what he tells a committee will actually mean much.

    If we are to interpret his words literally, perhaps 0.1% of contractors might benefit.

    If he actually means no loan charge where there is no enquiry opened in time, then a much higher percentage (40%?) which would of course reduce the tax take and which is why we are - for the moment - choosing not to believe what he says.
    Best Forum Adviser & Forum Personality of the Year 2018.

    (No, me neither).

    #2
    Keep us updated!

    Comment


      #3
      Loan charge starts almost immediately: https://parliamentlive.tv/event/inde...1-63ee985273d6

      Comment


        #4
        Originally posted by Iliketax View Post
        Loan charge starts almost immediately: https://parliamentlive.tv/event/inde...1-63ee985273d6
        Unless Norman misstated it, its a load of rubbish. He states if an enquiry was opened and full disclosure was made and the enquiry was then closed then out of scope of LC. That scenario would happen only by HMRC mistake as why would they close an enquiry when there was clearly a loan.

        The HOL have been duped and we will be sure they understand this via LCAG.

        Comment


          #5
          Yup. Seems Jesse Norman likes to play word games in an attempt to defuse the Lords.


          Something has changed which shows it can be done if the Treasury will it without much fuss. But it is a very, very tiny change.

          Comment


            #6
            Originally posted by dammit chloe View Post
            Yup. Seems Jesse Norman likes to play word games in an attempt to defuse the Lords.


            Something has changed which shows it can be done if the Treasury will it without much fuss. But it is a very, very tiny change.
            Are you joking? The proposed change will affect about 1 in every 5,000 i.e. only if HMRC have made a mistake and closed a year with a loan

            Comment


              #7
              Originally posted by wilks View Post
              Are you joking? The proposed change will affect about 1 in every 5,000 i.e. only if HMRC have made a mistake and closed a year with a loan
              Don't understand. I said it was a very, very tiny change.

              Comment


                #8
                Originally posted by dammit chloe View Post
                Don't understand. I said it was a very, very tiny change.
                Perhaps there are 10 happier people out there from 50,000. I would say it was a deliberate and spiteful "change" by HMRC and Norman designed to dupe HOL into thinking their closed years recommendation was accepted.

                Comment


                  #9
                  Originally posted by wilks View Post
                  Perhaps there are 10 happier people out there from 50,000. I would say it was a deliberate and spiteful "change" by HMRC and Norman designed to dupe HOL into thinking their closed years recommendation was accepted.
                  Yes. However my main point was that the Treasury can make changes at will if they want to. No need for legislation or finance bill.

                  Comment


                    #10
                    Hopefully this is just the start, with new PM looming, and keeping the pressure up further changes can be pushed through....

                    Comment

                    Working...
                    X