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Update on Independent Review of the Loan Charge

23 January 2025

Proposing MP
James Murray Lab Co-op
Ealing North
Type
Written Ministerial Statement
Department
Treasury
View on Parliament.uk -->

At a Glance

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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