Government waters down loan charge rules
The government has backed down on original time frame for loan charge compliance giving taxpayers who signed up to schemes approved by HMRC before 2015 greater leniency and offering five-year time to pay arrangements.
Following the review of disguised remuneration avoidance schemes by Sir Amyas Morse, the loan charge will now only apply to outstanding balances of disguised remuneration loans made between 9 December 2010 and 5 April 2019 inclusive. Previously it was intended to apply to any loans made through disguised remuneration schemes after 6 April 1999, which had not been repaid by 5 April 2019.
Read more at the Accountancy Daily.