Further information for taxpayers affected by the loan charge review has been published on GOV.UK. This includes details of how HMRC will refund voluntary payments (known as ‘voluntary restitution’), as well as details for employers outlining the next steps they should take. Please also review the letter to the Loan Charge All Party Parliamentary Group in which HMRC has advised that special arrangements are being introduced for taxpayers affected by the loan charge rules relating to disguised remuneration tax avoidance schemes as a result of the coronavirus pandemic.

If any of your clients are affected by the changes to the loan charge, then we recommend that you review the latest information and discuss with your clients any actions they may need to take.