23 January 2025
James Murray, exchequer secretary to the Treasury, has requested that an independent review of the Loan Charge be conducted by Ray McCann, former president of the Chartered Institute of Taxation.
The Terms of Reference state that the aims of the review are:
- Bringing the matter to a close for those affected;
- Ensuring fairness for all taxpayers; and
- Ensuring that appropriate support is in place for those subject to the Loan Charge
And will consider in detail:
- The settlement terms available to those who are subject to the Loan Charge who have not yet settled and paid their tax liabilities in full to HMRC and whether HMRC’s settlement and debt management processes sufficiently take into account their ability to pay and behaviours;
- How that population could now be encouraged to reach resolution with HMRC; and
- What decisions would be required to ensure that, as far as possible, any new settlement proposals were properly targeted whilst not imposing significant additional administrative burdens upon HMRC.
The review is scheduled to be delivered by Summer 2025 and a government response should be published by the Autumn Budget 2025.
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