HMRC’s new powers to tackle electronic sales suppression
The HMRC has issued advice about the new powers and penalties under the Finance Act 2022 to tackle electronic sales...READ MORE
The Treasury has come out fighting in its newly published review of the operation of the new loan charge on disguised remuneration (DR) tax avoidance schemes, which is due to come in next month and which has stirred up considerable controversy over claims that some individuals will face severe financial hardship.
The new charge on outstanding loans takes effect on 5 April and was originally included in the Finance Act (No.2) 2017. The loan charge works by adding together all outstanding loans and taxing them as income in one year. Where scheme users have repaid loans before the charge comes in, the charge will not apply.
Read more at Accountancy Daily.