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HMRC internal manual

Employment Income Manual

Finance (No 2) Act 2017: part 3A: 2019 loan charge reporting requirement: para 35A(4): duty to provide loan charge information: loan charge relevant step: interaction with postponement of loan charge relevant step where accelerated payment made

In order for the third condition to apply, the taxpayer needs to have made an application for postponement of the date on which the loan charge relevant step arises. The application has to be under the provisions of paragraph 24(1) Finance (No 2) Act 2017 (see EIM47130 et seq). This applies where a payment of tax has been made as a result of an accelerated payment notice covering the income chargeable as a result of the arrangements which overlap with the loan charge relevant step.  

The application needs to have been made and been accepted prior to 6 April 2019. It also needs to have not been revoked prior to that date. The person (S) making the loan must also not be treated as taking a relevant step under the first condition (see EIM47185). The employee must also be alive at 30 September 2019 or the date decided under paragraph 24(1)(b)(i) and (ii) Finance (No 2) Act 2017 (see EIM47130 et seq).

If the person who made the loan would be treated as taking a relevant step for the purposes of the loan charge on that date and the employee is still alive either on 30 September 2019 or the actual approved repayment date if earlier, the employee will be required to provide loan charge information to HMRC.