As it stands, the legislation is due to come into force in April 2019. This will create a significant impact for many people in the UK.
The creation of the loan charge liability will cause many people to immediately become subject to a significant HMRC debt. It is unlikely that all those
subject to the loan charge debt will have the immediate means to settle the amount due, therefore as like any other unsecured debt, the loan charge
liability will have a significant detrimental impact on an individual’s financial position.
HMRC have published criteria with regards to settlement terms. However, should you not meet the criteria set out by HMRC, it is still possible to enter
into settlement negotiations and we can help you with this process.
However, if a negotiated settlement with HMRC is not a viable option, perhaps because of other personal debts such as loans or credit card debts also needing
to be dealt with, we can advise and assist on personal insolvency solutions too.
So far, we have advised a number of individuals whose financial stability has been called into question due to the 2019 loan charge. If you have received
correspondence from HMRC regarding the 2019 loan charge or you think that you will be adversely affected once the loan charge comes into force, we
are here for you. We will undertake an initial brief review of your personal financial position and provide you with some tailored information as to
the options available to you and what you can expect each option to look like. Following this initial review, should you wish to formally engage us
to act on your behalf then we will gather detailed information from you and advise on the most appropriate solution for you.