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Loan charge tax return demand is unhelpful, says LITRG

09 December 2019
Issue: 4724 / Categories: News

The Low Incomes Tax Reform Group (LITRG) is calling on HMRC to consider using its powers to remove the requirement that those in the loan charge settlement process who have not reached agreement by 31 January 2020 should have to file a tax return to report the charge – only to amend it to remove the charge after settlement is reached.

HMRC outlined its expectations in guidance added without fanfare to GOV.UK on the same day as the government’s letter to Sir Amyas Morse asking him to postpone the release of his loan charge review findings until after the general election.

The group considers there is a risk that taxpayers will make errors on their tax returns because of this new requirement in particular those without advisers and who have not had to file a tax return before. 

Victoria Todd head of the LITRG team said: ‘The delay in publishing...

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