Commons Sense

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Review Implementation

03 December 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 the implementation of the Loan Charge policy introduced in Budget 2016 to combat tax avoidance through disguised remuneration schemes.

Action Requested

HMRC has published a report detailing their actions to implement Sir Amyas Morse's recommendations regarding the Loan Charge and has also reviewed HMRC’s future policy on interest rates. This report has been shared with relevant parliamentary committees and deposited in the Libraries of the House.

Key Facts

  • The Loan Charge was announced at Budget 2016.
  • Sir Amyas Morse conducted an independent review of the Loan Charge policy and implementation, presenting his conclusions in December 2019.
  • HMRC accepted all but one of Sir Amyas’s recommendations.
  • HMRC has published a report on their actions to implement the recommendations.
  • The report includes a review of HMRC's future policy on interest rates.
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