MPs are calling for an urgent review of the loan charge, stating that it is fundamentally flawed and unfair, and questioning why no scheme promoters have been prosecuted
The Loan Charge and Taxpayer Fairness APPG has written to the financial secretary to the Treasury, Lucy Frazer QC MP, setting out 10 questions on the loan charge that need answering, in a bid to force the Treasury into a u-turn over the issue.
The letter, sent from the three co-chairs of the group – Sammy Wilson MP (DUP), Greg Smith MP (Conservative) and Mohammad Yasin MP (Labour) – comes shortly after HMRC confirmed that there have now been eight suicides of people facing the loan charge.
The letter points out that loan charge was not properly scrutinised by parliament when introduced, nor does it have any relevant or justified legal basis. The group argues that it should never have been passed and the government must now rectify this by announcing legislative change, as well as instructing HMRC to pause any enforcement of the loan charge and associated accelerated payment notices.
