HMRC has added ‘spotlight 39’ to its targeted list of tax avoidance schemes. This concerns attempts to avoid the new ‘loan charge’ on disguised remuneration loans outstanding on 5 April 2019 by producing documentation to the effect that the sums involved are not loans, but money the taxpayer holds in a ‘fiduciary capacity’. HMRC says the disguised remuneration loan charge will apply to any form of credit, or other right to a payment, regardless of what it’s called.
HMRC has added ‘spotlight 39’ to its targeted list of tax avoidance schemes. This concerns attempts to avoid the new ‘loan charge’ on disguised remuneration loans outstanding on 5 April 2019 by producing documentation to the effect that the sums involved are not loans, but money the taxpayer holds in a ‘fiduciary capacity’. HMRC says the disguised remuneration loan charge will apply to any form of credit, or other right to a payment, regardless of what it’s called.
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