PARLIAMENTARY WRITTEN QUESTION
Tax Avoidance (27 April 2020)

To ask the Chancellor of the Exchequer, if his Department will make an assessment of the potential merits of reviewing HMRC’s agreement with debtors that monies already paid cannot be reclaimed, in the event that the Loan Charge is suspended or revoked.

Asked by:
Gareth Bacon (Conservative)

The Government accepted all but one of the 20 recommendations made by Sir Amyas Morse in December 2019 following his Independent Review of the Loan Charge policy.

The Independent Review assessed the impact of the policy on affected taxpayers and found that it was right for the Government to try to ensure that the tax was collected and that the Loan Charge should remain in force.

There was no recommendation to suspend or revoke the policy and the Government agrees it should remain in force.

The Government has included legislation required to implement the recommendations in the Finance Bill.

Implementing these recommendations is estimated to benefit more than 30,000 people subject to the Loan Charge, including about 11,000 people who will be taken out of paying it altogether.

Answered by:
Jesse Norman (Conservative)
5 May 2020