Finance Act 2020 Notes: Section 15: loan charge not to apply to loans or quasi-loans made before 9 December 2010; Section 16: election for loan charge to be split over three tax years; Schedule 2: the loan charge: consequential amendments; Section 17: loan charge reduced where underlying liability disclosed but unenforceable; Section 18: relief from interest on tax payable by a person subject to the loan charge; Section 19: minor amendments relating to the loan charge; Section 20: repaying sums paid to HMRC under agreements relating to certain loans etc; Section 21: operation of the scheme

Michael Blackwell

LSE Research Online Documents on Economics from London School of Economics and Political Science, LSE Library

Abstract: Notes amendments made by the Finance Act 2020 ss.15-21 and Sch.2 to the loan charge rules introduced to combat tax avoidance through disguised remuneration. Details the legislative background to the loan charge, the impact of cases such as R. (on the application of Cartref Care Home Ltd) v Revenue and Customs Commissioners (Admin), and whether the recommendations of the December 2019 Morse Review of the loan charge are reflected by the 2020 Act.

Keywords: disguised remuneration; employee benefit trusts; fair balance; loan charge; protection of property; tax avoidance (search for similar items in EconPapers)
JEL-codes: E6 (search for similar items in EconPapers)
Pages: 14 pages
Date: 2020-11-25
New Economics Papers: this item is included in nep-mac
References: Add references at CitEc
Citations:

Published in British Tax Review, 25, November, 2020, 2020(4), pp. 414 - 427. ISSN: 0007-1870

Downloads: (external link)
http://eprints.lse.ac.uk/106278/ Open access version. (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ehl:lserod:106278

Access Statistics for this paper

More papers in LSE Research Online Documents on Economics from London School of Economics and Political Science, LSE Library LSE Library Portugal Street London, WC2A 2HD, U.K.. Contact information at EDIRC.
Bibliographic data for series maintained by LSERO Manager ().