Loan Charge review launched
In the wake of parliamentary pressure, the government has appointed former NAO boss to head review into controversial Loan Charge, which threatened large tax bills for those using disguised remuneration schemes.
The Chancellor Sajid Javid has commissioned an independent review of the Disguised Remuneration Loan Charge. This is to be led by Sir Amyas Morse, former chief executive and Comptroller and Auditor General of the National Audit Office.
The review will focus on the impact of the Loan Charge on individuals who have directly entered into disguised remuneration schemes.
The review will report and provide independent recommendations to the government by mid-November. While the review is ongoing, the Loan Charge remains in force, in line with current legislation. The government will consider and respond to the outcome of the Review once it has concluded.
HMRC has also published guidance on what to do for those taxpayers who have either already settled their affairs or who are in the process of taking action.
The move comes as the government announced that the reverse charge for VAT in the construction industry would be delayed for a year.
This article was first published by the ICAEW Tax Faculty
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