Commons Sense

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Tax update

27 February 2020

Proposing MP
Jesse Norman Con
Hereford and South Herefordshire
Type
Written Ministerial Statement
Department
Treasury
View on Parliament.uk -->

At a Glance

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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