17 Loan charge reduced where underlying liability disclosed but unenforceable
Finance Act 2020 (2020 c 14) | Legislation

17  Loan charge reduced where underlying liability disclosed but unenforceable

(1)     In Schedule 11 to F(No 2)A 2017 (employment income provided through third parties: loans etc outstanding on 5 April 2019) after paragraph 1A (as inserted by section 16) insert—

“1

(1)     This paragraph applies where—

(a)     a person is treated as taking a relevant step within paragraph 1 by reason of making a loan or quasi-loan,

(b)     a reasonable case could have been made that for a qualifying tax year (“the relevant year”) A was chargeable to income tax on an amount that was referable to the loan or quasi-loan,

(c)     at a time when an officer of Revenue and Customs had power to recover (from A or any other person) income tax for the relevant year in respect of that amount, a qualifying tax return or two or more qualifying tax returns of the same type taken together contained a reasonable disclosure of the loan or quasi-loan, and

(d)     as at 6 April 2019 an officer of Revenue and Customs had not taken steps to recover (from A or any other person) income tax for the relevant year in respect of that amount.

(2)     But this paragraph

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Enforcing a warrant of control

Enforcing a warrant of controlThis Practice Note has been produced by enforcement specialists, The Sheriffs Office. It guides users through the process of enforcing a warrant of control obtained from the County Court as a method of enforcing a money judgment; whereby the judgment creditor takes

LEXISNEXIS

Proprietary estoppel

Proprietary estoppelThis Practice Note considers proprietary estoppel from a generic standpoint.For industry specific guidance on proprietary estoppel, see Practice Notes:•Estoppel and property law•Mortgages by estoppelProprietary estoppel—what is it?Unlike the other forms of estoppel (see Practice

LEXISNEXIS

Money laundering offences—tipping off and prejudicing an investigation

Money laundering offences—tipping off and prejudicing an investigationTipping off and prejudicing an investigationIt would undermine the benefit to the authorities if, a suspicious activity report (SAR) having been made, the alleged offender were to be made aware of the interest in their activities

LEXISNEXIS

Traditional procurement of construction contracts

Traditional procurement of construction contractsThis Practice Note provides a basic explanation of traditional procurement in construction. It looks at why this type of procurement is used and also considers particular issues to take into account when choosing to follow this procurement route.When