Loan Charge review - in limbo

[Snooky]

I would not agree with that interpretation.

I would say that "you don't need to do anything" is a specific reference to the settlement process and NOTHING ELSE.

The settlement process is extra statutory. The tax return process is not - it is a legal requirement.

I cannot see that a blog post from HMRC can override statute.

I therefore regard your interpretation as unsupportable.

Just my opinion.

In case it helps anyone, following this discussion I contacted my tax advisers who have been helping me with getting a settlement arranged and they pretty much confirmed what webberg says above.

Their advice was to declare the outstanding loan amount in section 75.1 of form SA103F, not to pay the extra tax liability that would become due from that, but to include a note on the return explaining that the tax return will be amended following full and final settlement with HMRC.

[patel]

All,

Is declaring ‘Loan Charge’ amount in Self-Assessment form involve only paying income tax on it? Reason being, gov.uk page also refers to paying NI and Tax as well.

{This means that loans outstanding on this date will incur an Income Tax and National Insurance contributions charge as if they were earnings or profits received in the tax year 2018 to 2019.}

Regards,