UPDATE: deadline Friday 8 April 2022
In an important development, the Loan Charge and Taxpayer Fairness APPG has launched a call for evidence to establish the reality of the situation for all those impacted by the Loan Charge, whether they face the Loan Charge now or have settled with HMRC to avoid it.
If you have been affected by this Draconian legislation please use this opportunity to ensure your voice and experience is represented by this influential group of MPs.
The call for evidence is being done because it remains unclear what the reality is for people or what the real impact of the Loan Charge is likely to be and because HMRC and the Treasury have sought to gloss over the reality of the impact of the Loan Charge, despite privately admitting that there will be bankruptcies. No proper impact assessment was done for the Loan Charge. The Government only assessed the impact on the UK population as a whole instead of the impact on the people who would actually be hit by the draconian retrospective charge.
It is also important because there are a number of key facts that haven’t yet been established, as HMRC and the Treasury have failed to provide them when asked. The APPG recently wrote to First Permanent Secretary and Chief Executive of HMRC, Jim Harra, asking 12 key questions relating to key information that thus far the HMRC and Treasury have not provided.
Submissions can be completed by anyone who is either facing the Loan Charge or has settled to avoid it and the deadline is Friday 8th April 2022. The instructions for submitting evidence are available here. Submissions are welcome from all people who are personally impacted by the Loan Charge whether as contractors or company directors. Submissions, once completed, are to be emailed, using the supplied PDF forms to firstname.lastname@example.org with the subject Header: APPG Call for Evidence Spring 2022.
The APPG will use the submissions to understand the current reality of the Loan Charge and will share the findings.
The APPG’s call for evidence follows the proposal made by tax sector professionals for a fair resolution to draw a line under the whole issue, without the devastating consequences that will happen if HMRC enforce the Loan Charge as is currently the intention.