23 August 2017: Finance Bill (No. 2) 2017 draft legislation was published on 13 July 2017, which includes the loan charge that will be applied on outstanding EBT loans.
PAYE and NIC will be applied on loans which remain outstanding at 5 April 2019. The loan charge will fall on the employer in the first instance and will be collected through the Company’s PAYE and the NIC scheme and paid across to HMRC.
The draft legislation is expected to be read and debated in Parliament next month and we will issue a further update to you at the time the Finance Act (No. 2) 2017 receives Royal Assent.
BRI’s team of experts are happy to discuss the impacts this may have on you or your clients.