HMRC Publishes Policy on Loan Charge - Gilbert Tax

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HMRC Publishes Policy on Loan Charge

HMRC has published their policy on loan charges that will be applicable to outstanding disguised remuneration loans as of 5th April 2019 when the deadline for voluntary disclosure expires. An estimated 50,000 are believed to have engaged in loan schemes that fall under the disguised remuneration definition, most of whom operate in the business services sector.

Estimates also suggest that an average of £20,000 in tax per annum was avoided through the schemes, per person, with many of the participants using the schemes multiple times. To date roughly half of the 50,000 users to have used one or more of the 250 disguised remuneration schemes affected by the loan charges have registered an interest to settle their tax affairs.

HMRC has stated that individuals who have used a disguised remuneration scheme will have three options available to them, repay the original loan, agree a settlement with HMRC or pay the loan charge when it comes in to force. In respect of settlements before the deadline, HMRC say they are offering a range of flexible payment options to suit individuals' circumstances.

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