Today we’re honoured to talk to two of the lead creators of the Loan Charge settlement proposal, Sarah Gabbai, tax lawyer at McDermott Will & Emery; and Keith Gordon, tax barrister at Temple Tax Chambers. The Loan Charge is a piece of legislation that seeks to charge people tax on income that they received going back 10 years or more. Thousands of contractors are affected, many of whom had no idea that their income had not been properly taxed.
Some of those affected were recommended the loan scheme by their recruitment agency, some had no choice about signing up to the scheme, and some had no idea that they were in a so-called loan scheme. The tax bills being sent to those affected are huge and impossible to pay, so we wanted to find out more about the settlement proposal.
Join us to hear about:
- What actually is the loan charge and how it came about;
- The dire impact of the legislation on those affected;
- Why the loan charge settlement is needed;
- What the proposal would mean in practical terms;
- Who should have ensured the income was taxed in the first place.
Both Sarah and Keith are eminent experts in this space, so it is well worth a listen!
About Sarah Gabbai
Sarah is a senior UK corporate and international tax lawyer at McDermott Will & Emery where she supports clients across a full range of tax matters. She is a fellow and member of the Chartered Institute of Taxation and achieved recognition in The Legal 500 UK 2020 – 2022, Corporate Tax, Recommended Lawyer. Sarah is a well-known commentator on loan charge issues, including recently appearing on BBC Radio 4’s Moneybox programme to discuss the settlement proposal.
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About Keith Gordon
Keith is a barrister practicing at Temple Tax Chambers in London where he advises on all tax matters. Keith has represented taxpayers (both personal and corporate) at all levels from the First-tier Tribunal to the Supreme Court in statutory appeals as well as in judicial review claims and High Court actions for the recovery of taxes overpaid. Keith practised as a chartered accountant and chartered tax adviser before qualifying as a barrister.
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