The report on the independent loan charge review is to be delayed until a new government is in place following the general election. Under the review’s terms of reference, it was meant to report to the chancellor and financial secretary to the Treasury by mid-November.
The chancellor wrote to Sir Amyas Morse on 5 November, before Parliament was dissolved on 6 November, observing that a new government would not be in place until mid-December. Citing Cabinet Office guidance on what decisions can be made in a pre-election period, the chancellor said that ‘ministers have agreed that it would be most appropriate for your report to be submitted to the new government on its formation’.
The government’s guidance for taxpayers on the loan charge review now states that if their liability to the loan charge ‘changes as a result of the government response to the review’, they will be able to amend their tax return for 2018/19. As things stand, taxpayers affected by the charge who have not already settled should still report the loan charge on their tax return by 31 January 2020.
The report on the independent loan charge review is to be delayed until a new government is in place following the general election. Under the review’s terms of reference, it was meant to report to the chancellor and financial secretary to the Treasury by mid-November.
The chancellor wrote to Sir Amyas Morse on 5 November, before Parliament was dissolved on 6 November, observing that a new government would not be in place until mid-December. Citing Cabinet Office guidance on what decisions can be made in a pre-election period, the chancellor said that ‘ministers have agreed that it would be most appropriate for your report to be submitted to the new government on its formation’.
The government’s guidance for taxpayers on the loan charge review now states that if their liability to the loan charge ‘changes as a result of the government response to the review’, they will be able to amend their tax return for 2018/19. As things stand, taxpayers affected by the charge who have not already settled should still report the loan charge on their tax return by 31 January 2020.
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