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Late elections to spread loan charge

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Statement of Practice SP 1/2020 confirms that HMRC will automatically accept late elections to spread outstanding disguised remuneration loan balances over three tax years, where the election is made on or before 31 December 2020 (rather than 30 September 2020). Later elections will also be accepted in certain exceptional circumstances beyond the individual’s control (mostly relating to illness). 

Issue: 1511
Categories: News