EIM47189 - Finance (No 2) Act 2017: part 3A: 2019 loan charge reporting requirement: para 35A(6): duty to provide loan charge information: circumstances where information not required
There are limited circumstances where a person who would otherwise have to provide the loan charge information to HMRC under any of the 4 situations in EIM47185 to EIM47188 need not do so.
For this to apply, the person needs to have agreed settlement terms with an officer of HMRC prior to 1 October 2019.
Those settlement terms need to either:
- cover all liability arising under Chapter 2 of Part 7A of the Income Tax (Earnings and Pensions) Act 2003 as a result of the loan charge, or any of the hypothetical loan charge relevant steps detailed in paragraph 35A(7), or
- cover previously existing liabilities which arise on any income which overlaps with the income subject to the loan charge relevant step, so that the double taxation provisions result in no liability arising for the loan charge relevant step.