Dear Sir Ed, Ruth and Ross I am writing to you today in response to the letter published yesterday by HMRC on their website [https://www.gov.uk/government/publications/letter-from-sir-jonathan-thompson-to-the-loan-charge-all-party-parliamentary-group]...
The Loan Charge Action Group has been formed to raise awareness of the retrospective tax charge introduced by HM Government in the 2017 Budget.
Please note, we do not provide any form of chargeable service or professional advice.
Our mission is to:
Inform the tens of thousands of individuals impacted, most of whom are as yet unaware of its existence and devastating impact.
Build a community where affected individuals can find information and support.
Engage with politicians and the media to raise awareness of the devastating impact this legislation will have on individuals their families and our communities.
The 2019 Loan Charge was introduced by the Finance (No. 2) Act 2017. It is a tax charge on “employment related taxable loans made by third parties on or after 6 April 1999 brought within Part 7A ITEPA 2003 if they remain outstanding on 5 April 2019” (ref HMRC guidance).
Part 7A was introduced with the Finance Act of 2011 (December 2010). Therefore, to apply this to loans going back to 1999 is, by even the most layman terms, retrospective taxation. Furthermore, the loan charge legislation itself was clearly not in existence until 2017 (date of Royal Assent).
Please watch the below video for insights into what the 2019 Loan Charge is, and how it applies to you.
If you are struggling to cope with everything that the 2019 Loan Charge brings, you are not alone please read our excellent article below by Helen Stone. Helen is a Counsellor and an expert in Psychosynthesis Therapy and Coaching.Support & Counselling
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Nice to see our antipodean #LCAG family raising the profile of the #LoanCharge. #SaveLives #STOPtheLoanCharge https://t.co/GyVdWTeQck
#EDM1239 signature number 136 is @DesmondSwayne. Thank you so much for your support against retrospective taxation.… https://t.co/7SnwmLAehs
The 135th signature on #EDM1239 is @MarieRimmer. 100,000 families thank you Marie for your support to #STOPtheLoanCharge and #SaveLives