The government has laid two sets of amending regulations to provide for recovery of PAYE and NICs due under the new disguised remuneration loan charge legislation.
The Income Tax (Pay As You Earn) (Amendment) Regulations, SI 2019/83, come into force on 13 February 2019 to enable HMRC to recover PAYE from employers on amounts paid by third parties and caught under the new ‘loan charge’ legislation introduced by F(No 2)A 2017 Sch 11. The regulations also require employers to identify payments made to employees by third parties in their PAYE real-time information reports.
The Social Security (Contributions) (Amendment) Regulations, SI 2019/85, ensure that amounts caught under the ‘loan charge’ legislation in F(No 2)A 2017 Sch 11, in the form of loans provided through third parties which remain outstanding on 5 April 2019, will create a liability to Class 1 NICs. These regulations come into force on 5 April 2019.
The government has laid two sets of amending regulations to provide for recovery of PAYE and NICs due under the new disguised remuneration loan charge legislation.
The Income Tax (Pay As You Earn) (Amendment) Regulations, SI 2019/83, come into force on 13 February 2019 to enable HMRC to recover PAYE from employers on amounts paid by third parties and caught under the new ‘loan charge’ legislation introduced by F(No 2)A 2017 Sch 11. The regulations also require employers to identify payments made to employees by third parties in their PAYE real-time information reports.
The Social Security (Contributions) (Amendment) Regulations, SI 2019/85, ensure that amounts caught under the ‘loan charge’ legislation in F(No 2)A 2017 Sch 11, in the form of loans provided through third parties which remain outstanding on 5 April 2019, will create a liability to Class 1 NICs. These regulations come into force on 5 April 2019.
