Q. Good day I am affected by the loan charge & recently came across the fact that any information pertaining to contract loans had to be submitted by Sept 2018. I have since contacted the HMRC and I am will be providing them with details of my contractor loans. However my concern is that the response I received does not guarantee that the HMRC will not consider my situation before 5th April 2019 & therefore I cannot benefit from the settlement agreement. Can you please advise.
A. Due to the complex nature and the varied types of Tax Avoidance Schemes that have been present in the marketplace, it is extremely difficult to comment on individual schemes without a full review of the original planning advice and relevant paperwork. As the cost of this is potentially prohibitive and it still may result in an unfavourable outcome, we would always recommend contacting the scheme provider as a priority as they will understand their product.
However, where a settlement opportunity has not been entered into before 5 April 2019, the charge will come into effect on that day.