EIM47135 - Para 24: loan charge relevant step: accelerated payment application

Schedule 11 F(No 2)A 2017

An accelerated payment application under this section can be made by the person to whom the loan or quasi-loan has been made.

If an application under this Paragraph is accepted by an officer of HMRC, P is treated as only taking the relevant step if any part of the accelerated payment is repaid following the withdrawal of the notice or following the determination of an appeal.

In these circumstances the relevant step is treated as being taken immediately before the end of 30 days starting with the date on which the accelerated payment notice is withdrawn or the appeal is determined.

Applications may be made in 2018 but an application made after 2018 will be considered if an officer of HMRC considers that it is reasonable in all the circumstances for the liable person to make a late application.

HMRC may specify the form and manner of the application as well as detailing the information required. Details of the application process will be published on GOV.UK.

HMRC will notify the applicant of its decision.

Approval of an application may be revoked by an officer of HMRC if it appears that the application contained inaccurate information and the inaccuracy was deliberate on the applicant’s part. Where approval is revoked, the application is treated as having been refused at the outset.