Commons Sense

House of Commons · Written Ministerial Statement

Tax update

27 February 2020 · Treasury

Proposed by Jesse Norman Con Hereford and South Herefordshire

Taxation

Summarised by AI from the official record, so it can contain mistakes.

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At a glance

Key points

  • The Independent Loan Charge Review updates were published in a Written Ministerial Statement.
  • HMRC has released draft legislation to implement the review's recommendations.
  • The changes will be included in the upcoming Finance Bill.

Issue summary

The statement addresses updates on the Independent Loan Charge Review and related policy changes.

Action requested

HM Revenue & Customs (HMRC) has published draft legislation to implement changes to the Loan Charge as per the review's recommendations, which will be legislated in the upcoming Finance Bill.

Key facts

  • Sir Amyas Morse was commissioned to lead the Independent Loan Charge Review in September 2019.
  • The Government published the independent review and its response on 20 December 2019.
  • HMRC published draft legislation on 20 January 2020 giving effect to changes following the review.
  • All measures will be legislated for in the forthcoming Finance Bill.
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