HMRC’s change in approach on tax avoidance: Means-based settlements

HMRC has and will investigate a taxpayer’s affairs if it is discovered that they are part of a tax avoidance scheme. Many taxpayers have entered or been advised to enter such schemes which have subsequently failed resulting in large tax bills often requiring payment upfront. HMRC have reviewed the approach they are taking to taxpayers in such situations and are now considering “means-based”…

HMRC Continues to push Loan Charge settlements during Covid-19

HMRC have been criticised for continuing to pursue matters involving Loan Charge contractors, despite choosing to temporarily suspend compliance activity on other matters during the Covid-19 lockdown. 

What is the Loan Charge?

The 2019 Loan Charge, which is the charge on outstanding disguised remuneration loans, is a government measure aimed at tackling this type of income tax avoidance.…

HMRC Loan Charge Review Announced: What does it mean for those in disguised remuneration schemes? Effectiveness of loan scheme subject to independent review - will the controversial retrospective charge be cancelled?

It has recently been announced by the Chancellor, Sajid Javid, that the retrospective loan charge by HMRCwill be reviewed independently by Sir Amyas Morse, giving hope to those who have been part of disguised remuneration schemes that less punishing rates of interest will be levied. This is concerning to those that have received letters from HMRC and settled their matters by paying a settlement…