The guidance confirms that, where taxpayers have been contacted by a third party about repaying a loan they took out from a disguised remuneration scheme, they should check the paperwork to find out if they have a legal liability to repay the loan to the third party, or could take action against those who provided or are recalling the loans. The guidance notes that, if possible, taxpayers should contact the original provider of the loan to confirm the terms of the loan agreement and should consider:
who the request is from and whether that person has the right to request repayment of the loan; and
whether the loan agreement is unenforceable because the original lender, or any third party the lender has transferred the loan to, is not properly authorised under the Financial Services and Markets Act 2000, or because the lender has not complied with the Consumer Credit Act 1974.
The guidance confirms that, where taxpayers have been contacted by a third party about repaying a loan they took out from a disguised remuneration scheme, they should check the paperwork to find out if they have a legal liability to repay the loan to the third party, or could take action against those who provided or are recalling the loans. The guidance notes that, if possible, taxpayers should contact the original provider of the loan to confirm the terms of the loan agreement and should consider:
who the request is from and whether that person has the right to request repayment of the loan; and
whether the loan agreement is unenforceable because the original lender, or any third party the lender has transferred the loan to, is not properly authorised under the Financial Services and Markets Act 2000, or because the lender has not complied with the Consumer Credit Act 1974.
