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HMRC is issuing discovery assessments to people it believes should have submitted a 2018-19 tax return containing the loan charge and who either did not include it or did not include it fully. Examples of the letters and the notice of assessment can are available on the CIOT’s website.
The Low Incomes Tax Reform Group has issued guidance on these assessments. It urges taxpayers not to ignore the documents, saying the options are to pay it or appeal it. The latter includes asking HMRC to postpone the tax, ideally within 30 days of the date of the letter. It also advises recipients of these assessments to seek specialist advice as soon as possible.
