HMRC publish statement of practice on loan charge payment elections

Released 19 November 2020

HMRC have published Statement of Practice 1 (2020), which provides information on making a late election (if subject to the loan charge) to spread outstanding disguised remuneration loan balance evenly across three tax years.

The statement explains the time limit rules, sets out HMRC’s general approach to elections made after 30 September 2020 and gives details of the procedures to be followed.

View Statement of Practice 1 (2020).

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