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Some contractors who settle their use of loan schemes will have more time to pay the tax due.
HMRC has amended the guidance for contractors who wish to settle their tax affairs before the loan charge comes into force in April. The section headed ‘If you have problems paying what you owe’ has been changed to allow taxpayers whose annual income is less than £30,000 up to seven years to pay:
‘You can pay the amount due over a period of up to seven years, without needing to give any detailed financial information, where … your expected current year taxable income is less than £30,000 (for employees, this is your expected gross earnings, for self-employed people, this is your expected net profit).’
People whose income is expected to be less than £50,000 have a minimum of five years to pay the outstanding tax.
