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Time running out to settle on loan charge, warns LITRG

The CIOT’s Low Incomes Tax Reform Group (LITRG) has urged those affected by the loan charge to contact HMRC rather than place too much reliance on the outcome of a government review in March 2019.

The LITRG welcomed the Finance Bill report stage amendment (inserted as cl 95) requiring the government to review by March 2019 the effects of changes to assessment time limits for offshore matters and others including the loan charge. However the group warns that the review will not necessarily lead to any changes to the law relating to the loan charge and its application from 5 April 2019.

Aiming its comments particularly at low-paid workers who received payments in the form of loans while working for ‘umbrella’ companies the LITRG says it is important that such taxpayers ‘do not decline to come forward because of exaggerated expectations of what may come out...

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