The Employment and Trading Income etc. (Loan Charge Settlement Scheme) Regulations 2026
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Change 1
14 Payments prior to date of settlement agreement
(1) The Commissioners must credit relevant payments against the liability of P to pay a settlement amount in accordance with this regulation. (2) Where a relevant payment has been made— (a) the credit made under paragraph (1) must be to no greater extent than discharging P’s liability to pay a settlement amount, (b) where the relevant payment is not an advanced payment, the Commissioners may not (to the extent that the relevant payment exceeds P’s liability to pay a settlement amount)— (i) credit the relevant payment towards any liability of P to HMRC, or (ii) repay the amount of the relevant payment to P, and (c) where the relevant payment is an advanced payment, that payment may be— (i) credited by the Commissioners towards liabilities of P other than a loan charge gross liability, or (ii) (if there are no such other liabilities, or the amount of the credit exceeds those other liabilities), repaid to P. (3) Where a relevant payment is made by a person other than P in respect of P’s loan charge gross liability— (a) the Commissioners may credit that payment (to the extent that the payment relates to P’s loan charge gross liability) against the liability of P to pay a settlement amount in respect of that liability as if the relevant payment had been made by P, and (b) (where the relevant payment is an advanced payment) the Commissioners may, at their discretion, repay the person making the relevant payment in place of P. (4) In this regulation— “advanced payment” means a payment on account or a payment made under section 55 or 56 of TMA 1970 or Part 1 of Schedule 2 to the National Insurance Contributions Act 2015; “relevant payment” is a payment— made prior to the day on which P enters into a settlement agreement under the Scheme, which relates to a loan charge gross liability of P under the Scheme, and which corresponds to a settlement amount that P agrees to pay under a settlement agreement.
14 Payments prior to date of settlement agreement
(1) The Commissioners must credit relevant payments against the liability of P to pay a settlement amount in accordance with this regulation. (2) Where a relevant payment has been made— (a) the credit made under paragraph (1) must be to no greater extent than discharging P’s liability to pay a settlement amount, (b) where the relevant payment is not an advanced payment, the Commissioners may not (to the extent that the relevant payment exceeds P’s liability to pay a settlement amount)— (i) credit the relevant payment towards any liability of P to HMRC, or (ii) repay the amount of the relevant payment to P, and (c) where the relevant payment is an advanced payment, that payment may be— (i) credited by the Commissioners towards liabilities of P other than a loan charge gross liability, or (ii) (if there are no such other liabilities, or the amount of the credit exceeds those other liabilities), repaid to P. (3) Where a relevant payment is made by a person other than P in respect of P’s loan charge gross liability— (a) the Commissioners may credit that payment (to the extent that the payment relates to P’s loan charge gross liability) against the liability of P to pay a settlement amount in respect of that liability as if the relevant payment had been made by P, and (b) (where the relevant payment is an advanced payment) the Commissioners may, at their discretion, repay the person making the relevant payment in place of P. (4) In this regulation— “advanced payment” means a payment on account or a payment made under section 55 or 56 of TMA 1970 or Part 1 of Schedule 2 to the National Insurance Contributions Act 2015; “relevant payment” is a payment— made prior to the day on which P enters into a settlement agreement under the Scheme, which relates to a loan charge gross liability of P under the Scheme, and which corresponds to a settlement amount that P agrees to pay under a settlement agreement.
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