Repaying disguised remuneration loans to third parties
HMRC has issued guidance to people that have previously used disguised remuneration loans as a means to avoid paying tax and who are now being pursued for repayment of loans.
HMRC settlement
Could you be due a refund?
If you used a Disguised Remuneration tax planning scheme between April 6 1999 and April 5 2016 which made loans to you and you’ve settled the tax due with HMRC on or after March 16 2016 but before March 11 2020 you could qualify for a refund of Income Tax and National Insurance contributions paid.
Disguised remuneration – will the loan charge cost you money?
Individuals who received loans from tax avoidance schemes that haven’t reached settlement with HMRC (or aren’t in the process of doing so), are likely to have to pay the April 2019 loan charge.
HMRC pushes ahead with loan charge
This week the Treasury published its review of the operation of the new loan charge on disguised remuneration tax avoidance schemes. This means the loan charge will definitely be coming into force from 5 April 2019.
HMRC targets Disguised Remuneration
HMRC has this week sent out letters to people it believes have been paid or rewarded through disguised remuneration tax avoidance schemes.
Lords challenge HMRC powers
In a recently published report the House of Lords’ Economic Affairs Committee has stated that the greater powers given to HMRC to tackle tax avoidance and evasion are undermining the rule of law and justice.
HMRC publishes tax avoidance loan schemes and loan charge policy
HMRC has this week published its policy on the loan charge which will apply to disguised remuneration loans that are outstanding on 5 April 2019.
Update on Requirement to Correct and Disguised Remuneration
Since our last update on the subject, we’ve had some feedback from our senior contact within HMRC
Trustees affected by changes to tax legislation
Trustees of personal and company trust structures need to be aware of two new significant pieces of UK tax legislation which will impact upon their services and their clients
Requirement to Correct and Disguised Remuneration
We’ve previously posted items about Requirement to Correct and the need for individuals with undeclared offshore tax liabilities to disclose those liabilities to HMRC before 30 September 2018. This relates to Income Tax, Capital Gains Tax and Inheritance Tax.
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