HMRC’s guidance ahead of new loan charge.
HMRC has published guidance on recognising disguised remuneration tax avoidance schemes and how individuals can settle their tax affairs with HMRC. It comes ahead of the new loan charge that will apply to disguised remuneration loans outstanding on 5 April 2019.
The Revenue reiterates that settling now will enable users to agree what they owe and if required arrange a payment plan. They may also not be liable for the new charge and will pay a lower rate of tax on disguised remuneration loans.
Taxpayers who wish to settle should register their interest with HMRC by 31 May 2018 and they or their agent must send all of the required information by 30 September 2018.
There is more detailed information for agents about how settlement terms are calculated. It also has advice on inheritance tax liabilities relating to trusts used as part of disguised remuneration schemes accrued...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.