House of Commons · Written Ministerial Statement
Review Implementation
20 January 2020 · Treasury
Proposed by Jesse Norman Con Hereford and South Herefordshire
Summarised by AI from the official record, so it can contain mistakes.
At a glance
Key points
- The Government accepted recommendations from the Independent Loan Charge Review led by Sir Amyas Morse.
- HMRC published draft legislation and explanatory notes and will consult stakeholders informally for four weeks.
- Further guidance for taxpayers on the Loan Charge changes is available.
Issue summary
The Government has accepted recommendations from the Independent Loan Charge Review led by Sir Amyas Morse to tackle disguised remuneration tax avoidance schemes.
Action requested
HMRC has published draft legislation and explanatory notes, and will hold a four-week informal consultation with stakeholders. The Government intends to legislate these changes in the forthcoming Finance Bill after the Budget. Further guidance for taxpayers on the Loan Charge changes is also available.
Key facts
- The Independent Loan Charge Review was led by Sir Amyas Morse.
- Draft legislation and explanatory notes are available at https://www.gov.uk/government/collections/finance-bill-2019-20.
- A four-week informal consultation will be held with stakeholders.
- Legislation for the changes will be introduced in the Finance Bill following the Budget.