Loan Charge

On Thursday 11th April 2019 the Loan Charge Debate was resumed in the main chamber of the House of Commons with the Rt Hon Mel Stride, Financial Secretary to the Treasury. My colleagues and I have lobbied for months on this issue. I welcome that the Treasury have conceded further mitigation 

I think it is important to highlight several key mitigations emphasised by the Minister, who was responding to points raised:

First, The Minister categorically reassured the House that no one will be made bankrupt over the loan charge. Furthermore, he also made it clear that no one will "lose their primary residence as a result of settling their loan charge liability".

The Minister was kind enough to take my question. I wanted to highlight the role played by employers and promoters of these schemes. As an answer, the Minister highlighted that 85% of the money brought in by settlements has come from employers not employees.

The Minister also announced that the Treasury would expand HMRC’s support for customers with ‘additional needs’ within which it will give loan charge customers “first priority” and will set up a unit specifically for settlements under the charge.

I would like to thank all constituents who have contacted me regarding this issue and I hope I have been able to provide further clarity.

April 2019