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HMRC has published draft legislation for Finance Bill 2020 to give effect to the changes to the loan charge as a result of recommendations in Sir Amyas Morse’s independent review.
HMRC has updated previously published guidance to confirm the changes to be made to the loan charge provisions will not affect the status of accelerated payment notices and does not affect inheritance tax treatment in any way. The sections on filing self-assessment tax returns late payment interest and payments on accounts have also been expanded. There is also some further guidance on what constitutes ‘disclosure’ for the purposes of falling within one of the new exemptions.
HMRC has published additional guidance on other practical aspects of the changes including:
- how to decide whether a loan made in 2010–2011 was made before 9 December 2010;
- how to deal with loans that were disclosed but HMRC took no action to protect its assessing position;
- confirming...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
