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21 September 2021
Loan charge on new owners seeking repayment.
In January 2020 Taxation was kind enough to publish my question (tinyurl.com/3xra3kh3) about reports which were circulating about trustees selling off their loan books and the new owners seeking repayment. Some useful replies were published.
I have seen further demands since that time and I note that HMRC published some guidance on the topic recently though frankly this does not really help.
I have the following questions.
- Has anybody successfully managed to challenge a demand on the basis that there was never a loan in the first place or that the trustees were acting outside their powers in selling the loan book?
- Are there any other routes open to clients who are faced with the nightmare of having paid the tax on the loan charge and yet are faced with a demand for repayment of the loan?
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