Independent Loan Charge Review Independent Loan Charge Review
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  1. #1

    Still gathering requirements...


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    Default Independent Loan Charge Review

    Here's the link to the announcement made today:-

    Disguised remuneration: Independent loan charge review - GOV.UK

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  3. #3

    Godlike

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    Also makes it clear that if you are in discussions for Settlement (and provided all info by April 5th) then the Oct 1st reporting requirement no longer applies.

    I hope I understood that correctly.

  4. #4

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    Quote Originally Posted by ChimpMaster View Post
    Also makes it clear that if you are in discussions for Settlement (and provided all info by April 5th) then the Oct 1st reporting requirement no longer applies.

    I hope I understood that correctly.
    I've read this a few times now - it's not exactly unequivocal on that point (below). Probably best to call for confirmation (asking for it to be confirmed in writing, of course):-

    "If you provided all the required information by 5 April 2019 and are waiting to finalise
    your settlement with HMRC


    You can continue to finalise your settlement with HMRC if you wish to do so. Settling your
    open enquiries and appeals will allow you certainty in your tax affairs. We want to work with
    you to finalise your tax affairs and get out of avoidance for good.

    HMRC recognise that you may want to wait for the government’s response to the review
    before finalising your settlement.

    You do not need to submit the additional information return by 30 September 2019 as HMRC
    already has the information it needs.

    If you choose to settle, HMRC will continue its existing practice of not charging statutory late
    payment interest from 1 October 2018, or, if later, the month in which you provided the
    required information to HMRC.

    HMRC will update this guidance setting out details of what the next steps are for you if your
    potential liability to the loan charge changes as a result of the government response to the
    review.

    "

  5. #5

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    We (WTT) have tonight issued a view on the review.

    In summary, we would have liked the Reviewer to have come with rather less history; that the secretariat was not drawn from HMT/HMRC: that the remit could be wider and able to be added to or aided by non HMRC sources.

    All clients should look out for this please.

    (I am moving house this week so cannot be as active as I would like).
    Best Forum Adviser & Forum Personality of the Year 2018.

    (No, me neither).

  6. #6

    I Am Legend


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    "The Loan Charge was introduced following 20 years of action against these schemes, which despite considerable action continued to proliferate and be used."



    What was done in 2017 should have been done in 1999!

  7. #7

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    Default Independent Loan Charge Review

    It’s so ambiguous. I ‘registered an interest’ to settle last year and provided figures for a particular scheme.... so they have the details. However I had then earlier this year decided not to proceed with settlement . So does this mean given that I already ‘discussed’ this and provided details I do not at this stage need to do disclosure! I imagine non disclosure only applies if you actually have an open on-going settlement communication with them.
    Last edited by Iter; 11th September 2019 at 18:38.

  8. #8

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    Quote Originally Posted by BrilloPad View Post
    "The Loan Charge was introduced following 20 years of action against these schemes, which despite considerable action continued to proliferate and be used."
    We are HMRC, we are impotent.

  9. #9

    More time posting than coding


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    Quote Originally Posted by webberg View Post
    We (WTT) have tonight issued a view on the review.

    In summary, we would have liked the Reviewer to have come with rather less history; that the secretariat was not drawn from HMT/HMRC: that the remit could be wider and able to be added to or aided by non HMRC sources.

    All clients should look out for this please.

    (I am moving house this week so cannot be as active as I would like).
    Apart from all that, all good?

    Let's face it, it is not a thorough going independent review. Not even close.

  10. #10

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    Quote Originally Posted by dammit chloe View Post
    Apart from all that, all good?

    Let's face it, it is not a thorough going independent review. Not even close.
    OMG! Gosh. I was depressed enough by the terms talking about the impact on people. That is important - but its a secondary effect. What is critical is that it is retrospective and what should have been done in 1999 was done in 2017.

    It feels like the playing field is tipped so heavily towards HMRC. Grrrrrrr

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