In 2023 we previously wrote about HMRC taking action against those it believes should have declared the Loan Charge in their 2018/2019 self-assessment tax returns, in the form of nudge letters, opening enquiries and raising formal assessments.
Whilst our previous piece seems like some time ago now, HMRC are continuing to take action as there are thousands it believes should have settled their tax affairs.
Let’s not forget those whose specific circumstances mean that the Loan Charge is not applicable to them following the Morse review.
Should you receive communication from HMRC in relation to the Loan Charge, we strongly recommend you seek professional advice, it is especially vital here as HMRC’s communications could lead an unrepresented individual to enter into a settlement with HMRC where one is not required.
