Contractors to be allowed five years to pay off draconian 'loan charges'

Individuals who have been ordered to pay enormous 'loan charges' next April to settle their past use of contractor loan tax avoidance schemes have now been given the chance to spread the payments over five years.

HMRC has discovered that a significant number of the 50,000 people hit by the loan charge will otherwise be unable to pay, and are likely to declare themselves bankrupt instead. The offer is only open to those whose annual income is less than GBP50,000 and who are no longer in avoidance.

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