Questions & Answers
Q1
Direct Answer
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Context
No specific context provided other than the question itself.
What estimate he has made of the revenue that will be raised by the loan charge. The loan charge was announced in 2016 to tackle disguised remuneration tax avoidance, and an estimated Exchequer yield of £3.4 billion was projected for it in the 2022 spring statement.
The loan charge was announced in the 2016 Budget as part of a package to tackle disguised remuneration tax avoidance. In the 2022 spring statement, it was estimated to produce an Exchequer yield of £3.4 billion. However, changes from the 2019 independent review have reduced this by an estimated £620 million.
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Assessment & feedback
Response accuracy
Q2
Partial Answer
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Context
Many people are facing significant financial distress and personal harm due to the loan charge scandal, leading to a request for an independent review.
Too many ordinary people are facing huge bills, untold distress and, in some cases, personal harm and indeed suicide because of the loan charge scandal. Can the Minister and the Government now commit themselves to finally commissioning a truly independent review to deal with this mess?
I do not think that any Member who has met constituents affected by the loan charge can fail to be moved by its emotional and psychological impact. It is right for me, as a Minister, to look at the issue carefully and I will engage all interested parties.
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Assessment & feedback
commitment to commissioning an independent review
Will Look At The Issue Carefully
Engage All Interested Parties
Response accuracy