House of Commons · Written Ministerial Statement
Update on Independent Review of the Loan Charge
23 January 2025 · Treasury
Proposed by James Murray Lab Co-op Ealing North
Summarised by AI from the official record, so it can contain mistakes.
At a glance
Key points
- Independent Review of the Loan Charge aims to address concerns about its fairness and impact on those affected by historical tax avoidance schemes.
- Ray McCann has been commissioned to conduct a review starting in January 2025 and concluding by summer 2025.
- An update on the review's findings will be provided to Parliament after its conclusion.
Issue summary
The statement addresses the Independent Review of the Loan Charge, which aims to address concerns about the fairness and impact of the Loan Charge on those affected by historical tax avoidance schemes.
Action requested
Ray McCann has been commissioned to conduct a review into the barriers preventing resolution with HMRC for individuals subject to the Loan Charge. The review will start in January 2025 and conclude by summer 2025, after which an update will be provided to Parliament.
Key facts
- Ray McCann is conducting the independent review of the Loan Charge.
- The review aims to help bring closure for those affected, ensure fairness for all taxpayers, and provide appropriate support.
- The terms of reference are published on www.gov.uk/government/publications/independent-review-of-the-loan-charge.
- The review will commence on 23 January 2025 and conclude by summer 2025.
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