Independent Review of the Loan Charge
The question
To ask the Chancellor of the Exchequer, if she will make an assessment of the potential merits of expanding the Terms of Reference for the Independent Review of the Loan Charge to include (a) the effectiveness of the terms of the Loan Charge, (b) lessons learned by her Department in relation to the introduction of the Loan Charge and (c) the role of scheme promoters in promoting tax avoidance schemes.
Answered by James Murray
The Government has commissioned an independent review of the Loan Charge to help bring the matter to a close for those affected whilst ensuring fairness for all taxpayers.
The Government does not think it is right for people affected by the Loan Charge to have to wait years for any progress on bringing this matter to a close for them and has therefore ensured that the review has a focused remit, allowing it to report by this summer. The Government will respond by Autumn Budget 2025.
Alongside the review, the Government is committed to tackling promoters of tax avoidance and will consult on measures to tackle promoters of marketed tax avoidance, including new powers focused on those who own or control promoter organisations and options to tackle legal professionals behind avoidance schemes.
Verbatim has judged this answer against the question that was actually asked — answered, partly answered, or evaded. Sign in to see the verdict →