The CIOT has advised that HMRC are issuing discovery assessments “to people who they believe should have submitted a 2018/19 tax return containing the loan charge and who either did not include it on their return, or did not include it fully”.
The CIOT site has sample copies of the assessment notices, as well as of the accompanying letters being issued by HMRC.
https://www.tax.org.uk/loan-charge-discovery-assessments-2018-19
Related content from Claritax Books
This detailed, technical book on Disguised Remuneration and the Loan Charge, by tax barrister David Pett, is aimed squarely at professional advisers. The work explains the practical application of a body of tax legislation that was first enacted in 2011, and that has been amended or re-enacted in most subsequent years.