Tax Journal

Tax on employee loans made since 1999

6 December 2018

Ceinwen Rees & Joe Maughan (Macfarlanes) on the ghost of Budgets past.

Cast your mind back to Spring 2016, you may remember a fresh-faced George Osborne striding out from Number 11 Downing Street, red briefcase tucked under his arm, ready to deliver, what would turn out to be, his final Budget. One measure introduced in that Budget looms large as 2019 approaches: the charge on outstanding loans that fall under the disguised remuneration rules.

Showing as much charity as Ebenezer Scrooge himself, Osborne announced that from 6 April 2019, loans that are classed as ‘disguised remuneration’ will be subject to income tax and national insurance, unless the loan is repaid in full before the deadline.

What is a disguised remuneration loan?

Broadly speaking, ...

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