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Loan charge: late elections now acceptable – deadline 31 December 2020

The controversial loan charge originally required taxpayers to declare any outstanding loans by 30 September 2020.  HMRC has now announced that it will automatically any late elections received on or before 31 December 2020.  This will enable affected individuals to spread the amount due evenly through the 2018/19, 2019/20 and 2020/21 tax years.

From 1 January 2021, HMRC will consider late elections on a case by case basis, in exceptional circumstances that were beyond the individual’s control.

 

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