UK government defies calls to restrict imminent loan charge

Thousands of people pay tax as self-employed workers or through their company without using “highly contrived tax avoidance schemes,” a minister told peers who urged the government to limit the April 2019 loan charge. The finance bill completed its second reading and remaining stages in the House of Lords after a short debate on February 8.

Labour peer Denis Tunnicliffe welcomed the government’s decision to accept a new clause calling for a forthcoming review of extended time limits for offshore income to include a comparison of those time limits with others, including those in the controversial loan charge provisions of Finance (No. 2) Act 2017. Continue reading “UK government defies calls to restrict imminent loan charge”