The Loan Charge, introduced by HMRC, attempts to tackle outstanding disguised remuneration loans made since 6 April 1999.
This means any Loan outstanding from a Trust, come 5 April 2019, will be taxed as if it were remuneration. If loans were taken across multiple years these will be grouped together on 5 April 2019 and may mean you end up paying a higher effective tax rate.
This affects any trusts where a loan has been made:
· EBTs
· EFRBs
· Remuneration Trusts
· Most contractor schemes
We can explore your specific circumstances, set out options available to you and the likely cost of these options.
We are also able to direct you to refinancing solutions from 3rd party providers to repay outstanding loans to Trusts. Grey Eclipse Limited are not a regulated firm for FCA purposes and as such are unable to give you Financial Advice regarding refinancing.
If you would like to discuss any of the matters mentioned above, please click here and we will be happy to arrange a call with you to provide further details.