The government has accepted many of the recommendations of Sir Amyas Morse’s independent report on the loan charge. David Pett (Temple Tax Chambers) examines the detail.
Following most of the recommendations of Sir Amyas Morse in his report issued on 20 December 2019 on the policy behind the loan charge and its implementation the government immediately announced changes to the loan charge and its enforcement some of which require legislation to be included in the Finance Act 2020. The government has said that further guidance and draft legislation will be published in early 2020.
Reduction in scope of the loan charge
The principle change is that the loan charge will not now apply to:
loans made before 9 December 2010; or
any loans made before 6 April 2016 if the scheme was fully disclosed to HMRC but they did not open...
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The government has accepted many of the recommendations of Sir Amyas Morse’s independent report on the loan charge. David Pett (Temple Tax Chambers) examines the detail.
Following most of the recommendations of Sir Amyas Morse in his report issued on 20 December 2019 on the policy behind the loan charge and its implementation the government immediately announced changes to the loan charge and its enforcement some of which require legislation to be included in the Finance Act 2020. The government has said that further guidance and draft legislation will be published in early 2020.
Reduction in scope of the loan charge
The principle change is that the loan charge will not now apply to:
loans made before 9 December 2010; or
any loans made before 6 April 2016 if the scheme was fully disclosed to HMRC but they did not open...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
