Independent Review of the Loan Charge
The question
To ask the Chancellor of the Exchequer, whether she has considered including the role of promoters and intermediaries within the scope of the Loan Charge review.
Answered by James Murray
The Government has commissioned an independent review of the Loan Charge. Ray McCann, a highly respected figure in the tax world, is leading the review. His name was suggested by one of the Loan Charge campaigners.
To ensure transparency, the terms of reference make it clear that Mr McCann will be supported by a team of officials who have not previously worked on this policy area and will be based outside of HM Treasury and HMRC. Information provided by HMT and HMRC to the review team and factual comments provided on draft reports will be published after the review has concluded.
The Government does not think it is right for people affected by the Loan Charge to have to wait years to bring this matter to a close 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 will consult in 2025 on measures to tackle promoters of marketed tax avoidance and has already announced measures to tackle the significant tax avoidance and fraud in the umbrella company market.
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