The loan charge originally required taxpayers, who choose to do so, to make a spreading election by 30 September 2020. HMRC has now announced that it will automatically allow any late spreading elections received on or before 31 December 2020. Now is the time to check if you will benefit from a ...

The Low Incomes Tax Reform Group (LITRG) has welcomed HMRC’s decision to allow late loan charge spreading elections, but has warned of other barriers stopping people from meeting their loan charge obligations. HMRC must address these barriers to break the impasse, says LITRG.

30 September was the deadline by which those affected by the loan charge had to either agree a settlement with HMRC or report the loan charge on their tax return and pay the tax due (or arrange a payment plan). If you missed the deadline, all is not necessarily lost but you should seek help ...

The Low Incomes Tax Reform Group (LITRG) is concerned to learn of several issues, including some originating from HMRC, that meant people who were trying to agree loan charge settlements were unable to meet the recent deadline. It has led the tax campaign group to urge HMRC to use their powers to help people who tried to agree settlements but fell at the final hurdle.

As a consequence of the Morse review, taxpayers with pre 9 December 2010 loans will not have been affected by the recent 30 September 2020 loan charge deadline. This is because the review said that the loan charge should not apply to loans entered into before 9 December 2010. However, there may ...

LITRG is urging those affected by the loan charge not to leave it until the last minute to try and arrange a payment plan. Any loan amounts subject to the loan charge must be reported by 30 September – in addition, the loan charge and any other tax due, must also be paid by that date (or a payment ...