NEWS

Report spares tax payers from last month’s loan charge deadline

Published:
9
February 2020

An eagerly anticipated report into the controversial loan charge has provided respite for thousands of people.

The Government revealed a string of concessions to lessen the severity of the policy, which seriously distressed those affected.

Up to 50,000 people were paid through so-called disguised remuneration schemes dating back to 1999.

Prior to the publication of the report before Christmas, more than 8,000 of those had already paid backdated taxes to HMRC worth around £2 billion.

Those who had not declared any untaxed income or settled any liabilities had faced a midnight deadline on 31 January 2020.

But the loan charge no longer applies to anyone who entered into disguised remuneration schemes before 9 December 2010.

The loan charge will also not affect those who declared they had made use of a scheme in a previous tax year before the policy took effect.

Prior to last month’s self-assessment deadline, those affected by the loan charge could elect to evenly spread backdated taxes across three tax years.

The first instalment was due before the 2018/19 deadline for tax returns, while the second and third instalments aredue ahead of the self-assessment deadlines for 2019/20 and 2020/21.

The review into the loan charge was announced by Chancellor Sajid Javid in September 2019, but the findings were put on hold following the decision to call a general election.

Get in touch to discuss the loan charge.
Business news
Finsbury Robinson

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Suspendisse varius enim in eros elementum tristique. Duis cursus, mi quis viverra ornare.

Contact Us

Sign up to our
Monthly Business Newsletter

Sign up to receive our monthly Business Newsletter that will keep you up to date with everything going on in accounting, tax, and finance. 

Finsbury Robinson Services
R&D Tax
Has your company undertaken
any R&D related activities?
Find OUt More
Affected by the
Let Property Campaign?
Find OUt More
Check out our fixed price
Accounting and Business Packages
Find OUt More
Free Book-keeping
Software for all Clients
Find OUt More
Free Auto Enrolment Pensions Advice
Calculate your Contribution!
Find OUt More
Are you aware of the Capital Gains Tax Changes coming?
GDPR Compliance
CAN YOU AFFORD NOT
TO BE GDPR COMPLIANT?
Find OUt More

Sign up to our Monthly Business Newsletter

Find News Articles by Category

News HomeFebruary
Report spares tax payers from last month’s loan charge deadline
To get in touch use our Quick Contact Bar:
Show/Hide

Monday                 8:30AM – 5:30PM
Tuesday                8:30AM – 5:30PM
Wednesday          8:30AM – 5:30PM
Thursday              8:30AM – 5:30PM
Friday                 9:00AM – 12:30PM
Saturday                                 Closed
Sunday                                   Closed

Finsbury Robinson
237 Westcombe Hill
Blackheath
London
SE3 7DW