Loan Charge

Over the last 18 months or so I have been raising with the Treasury my constituents’ concerns about the Loan Charge.

It is estimated that I have around 80 constituents who are affected, and a number of these have either emailed me or visited my surgery.  I have written on their behalf to the Financial Secretary to the Treasury a number of times and, with the situation becoming increasingly worrying, I was one of many colleagues who recently asked for a full independent review.

I welcome, therefore, the Prime Minister’s announcement on 4 September of a ‘thorough review’, and the Chancellor’s subsequent commissioning of an independent review of the Disguised Remuneration Loan Charge.  This will consider the impact of the Loan Charge, focusing on individuals who entered directly into these schemes, and will be led by Sir Amyas Morse, former Chief Executive and Comptroller and Auditor General of the National Audit Office. I attach a letter from the Financial Secretary to the Treasury which provides more information.

While the review is ongoing, the Loan Charge remains in force, in line with current legislation.  Constituents who remain concerned about their individual circumstances should read the following guidance:

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/830989/loan_charge_review_web.pdf

Attachments

Attachment Size
Letter to colleagues on the Loan Charge Review.pdf 175.6 KB