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Rate of interest review

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1. Introduction

1.1 The Disguised Remuneration Loan Charge (Loan fee) ended up being established at Budget 2016 to tackle the employment of disguised remuneration taxation avoidance schemes. They are income tax arrangements that seek to prevent tax and National Insurance contributions if you are paying scheme users earnings by means of loans, often via a trust that is offshore without any expectation that the loans will ever be paid back.

1.2 The legislation introduced in 2017 suggested that outstanding balances at 5 April 2019 of loans applied for since 6 April 1999 could be taxed as income when it comes to 2018 to 2019 taxation 12 months. Taxpayers would not be liable should they repaid the mortgage or settled HM Revenue to their affairs and Customs (HMRC ) before that date. The federal government report on time restrictions therefore the fee on disguised remuneration loans sets out of the policy rationale.