Is Time Up for HMRC Loan Charge Recovery? - Gilbert Tax

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Is time up for HMRC loan charge recovery?

A letter from HMRC's deputy chief executive has revealed that HMRC may already be out of time to recover loan charge repayments from some individuals. In a letter sent to chairwoman of the Treasury Committee, HMRC admitted that those individuals who had provided complete and accurate information about tax schemes, which subsequently were not acted on by HMRC, could no longer be forced to make repayments. In these instances, HMRC are out of time, and any settlements made for those years by a taxpayer would only be done so voluntarily.

Furthermore, HMRC also admitted that where only some information had been provided by the taxpayer, these individuals may still be able to fight theirs cases in a tribunal. HMRC is also under pressure from some MPs who are claiming tax officials were "breaking the rule of law" by pursuing the c. 50,000 contractors concerned. With the deadline imminent for disclosures and repayments, these MPs are calling for a 6-month postponement to allow time for a wide-ranging review.

HMRC introduced the loan charge to recoup tax payments avoided by taxpayers using disguised remuneration schemes. Concerns have been raised that c. 50,000 such contractors, including nurses, doctors and pilots, are being perused whilst some of the leading promoters of disguised remuneration schemes are not. At the time, the schemes being promoted by companies like AML complied with all tax rules.

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