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Thinking of making a loan charge spreading election?

Published on 4 September 2020

Given the current unprecedented jobs and income situation, it is likely that some people could now pay less loan charge by way of the three-year spreading provisions, because one of those three years will be 2020/21.

Loan Charge Decision Day
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But if taxpayers opt to spread, would HMRC try to open tax enquires or assessments to force a settlement of the underlying tax liability – thereby collecting the tax ‘saved’?

In an article written for AccountingWeb, we set out our thoughts as to why we think the risk of them doing this is low: The pros and cons of loan charge spreading.

Contact: Meredith McCammond (click here to Contact Us)
(First published: 04/09/20)

 

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