CHAMBERLAIN SWIFT
Frequently Asked Questions
The Loan Charge was a one-off tax imposed by the UK government. It applied to loans taken out by employees and workers in the period from the 9th December 2010 till the 5th April 2019 and which happened to be owned by third parties on the 5th April 2019.
The text of the Loan Charge may be found in schedules 11 and 12 of the Finance (no 2) Act 2017.
One would think it would be obvious but HMRC do send letters which are ambiguous.
You will know it’s an assessment when it tells you that you have to appeal to the tribunal as your next step. If in doubt, please check, as the 30 day time limit to assess runs from the assessment
They effectively have to prove a negative – for instance that you did not seek independent legal advice. Many of you did in fact obtain legal advice in 2019, and so you are unlikely to be found to have been careless. If you said nothing or you cannot remember, then it is hard for them to show that you did not.
There are other exceptions for offshore tax avoidance and DOTAS arrangements. The legality of these is also in doubt in my view. For instance, the whole purpose of the EU is to encourage intra-EU investment. So, for there to be a law which specifically targets offshore transactions is dissuasive and for that reason problematic. The same with DOTAS to the extent that it does not limit itself to ‘tax avoidance’ as understood by the ECJ decisions. Chamberlain Swift are not especially concerned about these.
If you wish to wait till all possible deadlines have passed, then you may have to wait until 2039 before you claim a refund.
If a tax is illegal, then the agreement is not binding. This follows from the decision of the House of Lords in Woolwich Equitable Building Society [1993] AC 70.
1) Click the “Join Us” button below and complete your details.
2) You will receive an email to verify the details submitted.
3) Once you have verified your details, you will then receive a Letter of Authority to sign. This allows us t
o act on your behalf.
4) We will contact update you on the success of your case.
Our No Win, No Fee promise means that we will only charge a fee if we are successful in recovering a refund for you. There are no upfront costs and our fee is deducted from the HMRC settlement so you’ll never have to pay anything directly out of your own pocket. Terms and Conditions of Service apply.
What is the Loan Charge and why can I make a claim?
The Loan Charge was a one-off tax imposed by the UK government. It applied to loans taken out by employees and workers in the period from the 9th December 2010 till the 5th April 2019 and which happened to be owned by third parties on the 5th April 2019.
The text of the Loan Charge may be found in schedules 11 and 12 of the Finance (no 2) Act 2017.
