Published on 20 January 2021
Finance Bill Sub-Committee: follow-up inquiry into the loan charge
Further to its inquiry into the Finance Bill 2021, the House of Lords Finance Bill Sub-Committee held a short follow-up inquiry into the loan charge to gather further evidence to assess progress on tackling issues with the loan charge, particularly since the publication of the review by Sir Amyas Morse in December 2019.
LITRG was invited to give oral evidence on Monday 14 December at 3pm, along with Andrew Hubbard and Glyn Fullelove.
We also made a short written response covering the following questions, which can be found here.
How effectively has HMRC responded to the Morse review and acted on its recommendations since the publication of the report last year?
- Are ongoing loan charge payments being fairly administered?
- Have loan charge repayments to those who were overcharged been properly administered?
- Have the post-Morse actions been effectively communicated to those affected by them?
- What other ongoing problems are being faced by those affected by the loan charge, if any, and how are these being tackled?
- What further action needs to be taken, if any, to assist those affected by the loan charge?
- In light of the Government’s forthcoming consultation on the role of promoters, what else may be done to take action against those who have promoted disguised remuneration schemes in the past? What penalties might deter promoters of aggressive tax avoidance schemes?