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Money Box

The gift of money

Money Box

BBC

Business

4.2825 Ratings

🗓️ 21 December 2019

⏱️ 30 minutes

🧾️ Download transcript

Summary

The Government has accepted all but one of the recommendations made by Sir Amyas Morse in his review of the controversial 'loan charge'. This means that 11,000 people will be let off paying money to HMRC. They had signed up to schemes that paid part of their salary as a loan. Promoters of the scheme had told them that meant they were not liable to income tax but had ended up receiving bills for thousands of pounds retrospectively.

Financial advisers are not happy with changes the regulator has made to how you check if a financial adviser is registered.

And the best way to gift money to children at Christmas.

Presenter: Paul Lewis Reporter: Dan Whitworh Producer: Alex Lewis Editor: Emma Rippon

Transcript

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0:00.0

You're about to listen to a BBC podcast, but this is about something else you might enjoy.

0:05.4

My name's Katie Lecky and I'm an assistant commissioner for on demand music on BBC Sounds.

0:10.8

The BBC has an incredible musical heritage and culture and as a music lover, I love being part of that.

0:17.5

With music on sounds, we offer collections and mixes for everything, from workouts to

0:22.4

helping you nod off, boogie in your kitchen, or even just a moment of calm. And they're all put

0:28.3

together by people who know their stuff. So if you want some expertly curated music in your life,

0:35.0

check out BBC Sounds.

0:41.3

BBC Sounds, music, radio, podcasts. Hello, how can you best give money to children for Christmas?

0:45.3

And why from last week you can no longer check whether a financial advisor is approved and regulated?

0:51.3

But we start with a new announcement from the government last night

0:55.2

that it's to let off 30,000 people from part or all of a controversial tax charge.

1:01.8

The U-turn follows a critical report into how HMRC had tried to recover,

1:06.1

often six-figure sums from people it said, had avoided tax for up to 20 years.

1:12.2

They had signed up to schemes that paid part of their salary into an offshore trust, which then loaned the money back

1:17.5

to them. The promoters who sold these schemes said the loans were not liable to income tax. The

1:23.4

people who used them were consultants, IT workers and some nurses and social workers.

1:29.7

Many claimed they saw little or no advantage,

1:33.7

and that fees to the scheme providers were high and offset any tax saving.

1:38.8

The government announcement, as I said, came late on Friday in response to a report it had commissioned into the so-called loan charge.

1:42.0

Richard Bannister is one of those who'll benefit.

1:45.9

The report, it's a great success for all the work that the Loan Charge Action Group and the MPs, all the

1:52.4

campaigning work that's been done over many, many months. It's great that the government

...

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