The CIOT has urged ministers to respond to the loan charge review within days of a new government being formed, and well before the self-assessment deadline on 31 January.
Those facing the charge are required to pay it by the self-assessment deadline of 31 January. CIOT president, Glyn Fullelove, described as ‘deeply regrettable’ the delay to the review, which ‘risks confusion for both taxpayers and HMRC around what is required to be done before the end of January’.
‘The closer to the self-assessment deadline we get without this uncertainty being resolved, the stronger the case for extending deadlines for those affected, or saying no penalties will be charged, for a period at least, for late payment of loan charge-related tax, irrespective of the conclusions of the review’, Fullelove said.
‘Orderly payments of the correct tax ultimately due will be much preferable to rushed reporting and payments, with over and underpayments inevitably resulting’, Fullelove added.
The CIOT has urged ministers to respond to the loan charge review within days of a new government being formed, and well before the self-assessment deadline on 31 January.
Those facing the charge are required to pay it by the self-assessment deadline of 31 January. CIOT president, Glyn Fullelove, described as ‘deeply regrettable’ the delay to the review, which ‘risks confusion for both taxpayers and HMRC around what is required to be done before the end of January’.
‘The closer to the self-assessment deadline we get without this uncertainty being resolved, the stronger the case for extending deadlines for those affected, or saying no penalties will be charged, for a period at least, for late payment of loan charge-related tax, irrespective of the conclusions of the review’, Fullelove said.
‘Orderly payments of the correct tax ultimately due will be much preferable to rushed reporting and payments, with over and underpayments inevitably resulting’, Fullelove added.
