The Employment and Trading Income etc. (Loan Charge Settlement Scheme) Regulations 2026
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Change 1
2 Interpretation: general
In these Regulations— “additional qualifying amounts” has the meaning given by regulation 12(2); “assess” means any decision to assess, to amend a return (including a self-assessment), to make a determination, or a decision of a similar nature made by HMRC under an enactment in respect of an amount, and “assessed” and “assessment” are to be construed accordingly; “commencement day” means the day specified in regulation 1(2); “contract settlement” means an agreement made in connection with any person’s liability to make a payment to the Commissioners under or by virtue of an enactment; “corporate employer” means an eligible person who is neither a relevant earner nor an individual; “eligible person” has the meaning given by regulation 8(1); “employee” means the person “A” in section 554A of ITEPA 2003, where a loan or quasi-loan under paragraph 2 of Schedule 11 to the F(No. 2)A 2017 is treated as a relevant step for the purposes of Part 7A of ITEPA 2003; “FA 2004” means the Finance Act 2004; “FA 2007” means the Finance Act 2007; “FA 2009” means the Finance Act 2009; “F(No. 2)A 2017” means the Finance (No. 2) Act 2017; “FA 2026” means the Finance Act 2026; “final” means, in respect of an amount— if the amount has not been assessed, that the period specified by an enactment for HMRC to assess that amount (including the amendment of a self-assessment) has expired; or if the amount has been assessed (including, where the context requires, if self-assessed and not amended by HMRC)— the time for any appeal or further appeal relating to it has expired, or that any appeal relating to it is finally determined; or a contract settlement is entered into in respect of that amount; “HMRC” means His Majesty’s Revenue and Customs; “P” means the person to whom a settlement offer must be made in accordance with Part 4; “payment on account” refers to any payment on account of a liability to HMRC, whether made voluntarily or under an enactment; “relevant amount” means the relevant loan charge amounts and specified connected amounts to which a settlement offer must relate under regulation 9(4); “relevant earner” means an employee or a trader; “relevant loan charge amount” has the meaning given by regulation 9(4)(a); “the Scheme” means the Loan Charge Settlement Scheme, established under regulation 7; “settlement amount” means the amount determined under regulation 10 (step 10 or 11) or regulation 11 (step 9 or 10); “settlement offer” means an offer made in accordance with Part 4; “SSCBA 1992” means the Social Security Contributions and Benefits Act 1992; “SSCB(NI)A 1992” means the Social Security Contributions and Benefits (Northern Ireland) Act 1992; “tax year” has the same meaning as it has in section 4(2) of ITA 2007; “trader” means the person “T” in section 23A(2) of ITTOIA 2005, where a loan or quasi-loan under paragraph 2 of Schedule 12 to the F(No. 2)A 2017 is treated as a relevant benefit for the purposes of sections 23A to 23H of ITTOIA 2005.
2 Interpretation: general
In these Regulations— “additional qualifying amounts” has the meaning given by regulation 12(2); “assess” means any decision to assess, to amend a return (including a self-assessment), to make a determination, or a decision of a similar nature made by HMRC under an enactment in respect of an amount, and “assessed” and “assessment” are to be construed accordingly; “commencement day” means the day specified in regulation 1(2); “contract settlement” means an agreement made in connection with any person’s liability to make a payment to the Commissioners under or by virtue of an enactment; “corporate employer” means an eligible person who is neither a relevant earner nor an individual; “eligible person” has the meaning given by regulation 8(1); “employee” means the person “A” in section 554A of ITEPA 2003, where a loan or quasi-loan under paragraph 2 of Schedule 11 to the F(No. 2)A 2017 is treated as a relevant step for the purposes of Part 7A of ITEPA 2003; “FA 2004” means the Finance Act 2004; “FA 2007” means the Finance Act 2007; “FA 2009” means the Finance Act 2009; “F(No. 2)A 2017” means the Finance (No. 2) Act 2017; “FA 2026” means the Finance Act 2026; “final” means, in respect of an amount— if the amount has not been assessed, that the period specified by an enactment for HMRC to assess that amount (including the amendment of a self-assessment) has expired; or if the amount has been assessed (including, where the context requires, if self-assessed and not amended by HMRC)— the time for any appeal or further appeal relating to it has expired, or that any appeal relating to it is finally determined; or a contract settlement is entered into in respect of that amount; “HMRC” means His Majesty’s Revenue and Customs; “P” means the person to whom a settlement offer must be made in accordance with Part 4; “payment on account” refers to any payment on account of a liability to HMRC, whether made voluntarily or under an enactment; “relevant amount” means the relevant loan charge amounts and specified connected amounts to which a settlement offer must relate under regulation 9(4); “relevant earner” means an employee or a trader; “relevant loan charge amount” has the meaning given by regulation 9(4)(a); “the Scheme” means the Loan Charge Settlement Scheme, established under regulation 7; “settlement amount” means the amount determined under regulation 10 (step 10 or 11) or regulation 11 (step 9 or 10); “settlement offer” means an offer made in accordance with Part 4; “SSCBA 1992” means the Social Security Contributions and Benefits Act 1992; “SSCB(NI)A 1992” means the Social Security Contributions and Benefits (Northern Ireland) Act 1992; “tax year” has the same meaning as it has in section 4(2) of ITA 2007; “trader” means the person “T” in section 23A(2) of ITTOIA 2005, where a loan or quasi-loan under paragraph 2 of Schedule 12 to the F(No. 2)A 2017 is treated as a relevant benefit for the purposes of sections 23A to 23H of ITTOIA 2005.
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