Implementation of changes to the loan charge
Find out about changes to the loan charge following recommendations from the independent review published on 20 December 2019.
Documents
Details
On 20 January, the Government published draft legislation to implement changes to the loan charge in response to recommendations in the Independent Loan Charge Review.
On 27 February, the Government published draft legislation to refund certain voluntary payments (‘voluntary restitution’) made on or after 16 March 2016 as part of a settlement with HMRC, in relation to loans made in unprotected years. The legislation requires HMRC to set up a scheme to administer refunds. HMRC also published the draft scheme document setting out the eligibility criteria for claiming a refund, the claims process and how refunds will be calculated.
Finance Bill 2020 received Royal Assent on 22 July 2020.
On 22 July 2020 HMRC published the scheme document together with guidance on how to make an application under the scheme and how any refund will be calculated.
Updates to this page
Published 20 January 2020Last updated 9 November 2020 + show all updates
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The Disguised Remuneration Repayment Scheme 2020 document has been updated.
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The Disguised Remuneration Repayment Scheme 2020 document has been added to the page.
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A tax information and impact note, further draft legislation, explanatory note and draft scheme have been added regarding refunding voluntary restitution.
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First published.