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.
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 has this week sent out letters to people it believes have been paid or rewarded through disguised remuneration tax avoidance schemes.
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 has this week published its policy on the loan charge which will apply to disguised remuneration loans that are outstanding on 5 April 2019.
Since our last update on the subject, we’ve had some feedback from our senior contact within HMRC
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
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.
HMRC has issued a warning about agency and umbrella companies offering to reduce workers’ tax liabilities and increase take home pay as they are in effect tax avoidance schemes.
Unsurprisingly many people try to minimise contact with HMRC, however there are certain situations when it’s a good idea to proactively engage with them to avoid further difficulties or indeed penalties.