The government has commissioned an independent review of the Loan Charge.
The Exchequer Secretary to the Treasury made a Written Ministerial Statement
announcing that Ray McCann, a former President of the Chartered Institute of
Taxation, would lead the review.
The review will examine the barriers preventing those who are subject to the Loan
Charge but have not already settled and paid their tax liabilities in full from
reaching resolution with HMRC. It will recommend ways in which they can be
encouraged to settle with HMRC.
The reviewer will report and present their recommendations to the Exchequer
Secretary to the Treasury by summer 2025.
However, the announcement drew criticism from campaigners.
Steve Packham, from the Loan Charge Action Group, said:
'What the government has announced today is not a review at all, as it
actually astonishingly excludes reviewing the Loan Charge. It is a complete
sham and a betrayal of the promise made by Rachel Reeves last year.
'The terms of reference start by justifying the Loan Charge and the whole
approach taken and instead of being any review of the issue and scandal, is
just about how people can be persuaded to give in and pay the unfair and
disputed demands. This will not only not get to the truth, it will not
resolve the matter and cases will unfortunately drag on and on.'
Internet link: GOV.UK Loan Charge Action Group