FEARS THAT LED TO IN­TRO­DUC­TION

Yorkshire Post - Business - - FRONT PAGE -

The loan charge was in­tro­duced in 2016.

It was im­ple­mented in re­sponse to the Trea­sury’s con­cerns about dis­guised re­mu­ner­a­tion schemes which in­volved in­di­vid­u­als be­ing paid through loans, usu­ally via an off­shore trust in a low or no tax ju­ris­dic­tion, which they did not have to re­pay.

Ac­cord­ing to the Trea­sury, the loan charge means peo­ple pay­ing them­selves through loans will have to con­trib­ute their “fair share” to pay for our pub­lic ser­vices. It has re­sulted tax bills, which in some cases date back to 1999.

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