HMRC is issuing discovery assessments in relation to people who it believes should have submitted a 2018/19 tax return containing the loan charge and who either did not include it, or did not include it fully.
Examples of the letters that HMRC is issuing, along with a copy of the actual discovery assessment wording, can be found on the CIOT’s website. The Low Incomes Tax Reform Group (LITRG) has issued guidance on these assessments. As the guidance states, options for affected taxpayers are ‘either to pay it or to appeal it, which can include asking HMRC to postpone the tax – ideally within 30 days of the date of the letter. Although late appeals are possible in some circumstances, it is not guaranteed. HMRC set out how to appeal in the assessments they have sent out.’ Taxpayers receiving such an assessment are advised to seek independent advice as soon as possible.
HMRC is issuing discovery assessments in relation to people who it believes should have submitted a 2018/19 tax return containing the loan charge and who either did not include it, or did not include it fully.
Examples of the letters that HMRC is issuing, along with a copy of the actual discovery assessment wording, can be found on the CIOT’s website. The Low Incomes Tax Reform Group (LITRG) has issued guidance on these assessments. As the guidance states, options for affected taxpayers are ‘either to pay it or to appeal it, which can include asking HMRC to postpone the tax – ideally within 30 days of the date of the letter. Although late appeals are possible in some circumstances, it is not guaranteed. HMRC set out how to appeal in the assessments they have sent out.’ Taxpayers receiving such an assessment are advised to seek independent advice as soon as possible.
