EIM47125 - Para 20: loan charge relevant step: approved fixed term loan: application to HMRC

Schedule 11 F(No 2)A 2017

A person may make an application to HMRC for a loan to be considered as a qualifying loan. If the loan meets the necessary criteria for being a qualifying loan and meets the qualifying payments condition or the commercial terms condition, the application will be approved and the loan treated as an approved fixed term loan.

Applications may be made in 2018 but an application made after 2018 will be considered if an officer of HMRC considers that it is reasonable in all the circumstances for the liable person to make a late application.

HMRC may specify the form and manner of the application as well as detailing the information required. Details of the application process will be published on GOV.UK.

HMRC will notify the applicant of its decision.

Approval of an application may be revoked by an officer of HMRC if it appears that the application contained inaccurate information and the inaccuracy was deliberate on the applicant’s part. Where approval is revoked, the application is treated as having been refused at the outset.