Information issued recently by HMRC following a freedom of information request has revealed an interesting new angle on the loan charge.
Most readers will be aware of the loan charge but for those who may need a refresher: if a person has a loan from a trust structure which is related in some way to his/her current or former employment the amount of the loan outstanding on 5 April 2019 is deemed to be employment income subject to tax and national insurance.
The new information (released following an FOI request and available at bit.ly/2Dxj6aA) is a geographical breakdown of the addresses of people potentially subject to the loan charge who have been written to by HMRC. What interested me was that over 1 720 of those addresses were outside the UK. Over 70 different countries appear with Australia and New Zealand topping the list.
The individuals involved...
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Home >Articles > Why HMRC is looking down under for loan charge settlements
Why HMRC is looking down under for loan charge settlements
Information issued recently by HMRC following a freedom of information request has revealed an interesting new angle on the loan charge.
Most readers will be aware of the loan charge but for those who may need a refresher: if a person has a loan from a trust structure which is related in some way to his/her current or former employment the amount of the loan outstanding on 5 April 2019 is deemed to be employment income subject to tax and national insurance.
The new information (released following an FOI request and available at bit.ly/2Dxj6aA) is a geographical breakdown of the addresses of people potentially subject to the loan charge who have been written to by HMRC. What interested me was that over 1 720 of those addresses were outside the UK. Over 70 different countries appear with Australia and New Zealand topping the list.
The individuals involved...
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If you do not subscribe but are a registered user, please enter your details in the following boxes:
