HMRC has announced a further amendment to the Finance Bill 2016, to extend the time limits applicable under the relief from charge provisions contained in Part 7A of the Income Tax (Earnings and Pensions) Act 2003, where a taxpayer has reached agreement with HMRC. The relief afforded to taxpayers was to be restricted to settlements made before 1 December 2016. The amendment extends this-cut off to 31 March 2017.
The relief provides that investment growth on disguised remuneration can be deducted in computing subsequent income tax charges under Part 7A. Taxpayers are experiencing significant delays in obtaining information from HMRC where settlement is proposed, it is therefore unsurprising that the time limits are being extended.
A copy of the amended provision can be found here.