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Pragmatic approach to taxpayers who missed the loan charge deadline, urged by LITRG

26 October 2020
Issue: 4766 / Categories: News

The Low Incomes Tax Reform Group (LITRG) is concerned that problems led to some taxpayers who were trying to agree loan charge settlements were unable to meet the 30 September deadline.

Problems included delays by HMRC in sending out settlement offers leaving recipients little time to agree them or seek advice unexpected final figures from HMRC and misunderstandings about the administrative formalities required in agreeing a settlement.

The LITRG is calling on HMRC to help people who tried to agree settlements but ‘fell at the final hurdle’.

The department has discretion to extend the 30 September settlement deadline if someone was unable to reach a settlement agreement due to exceptional reasons beyond their control but the group believes HMRC’s approach to what constitutes such exceptional reasons is too narrow.

LITRG head Victoria Todd said: ‘Unless HMRC uses it powers to accept elections after...

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