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Tax Avoidance

Question for Treasury

UIN 274513, tabled on 8 July 2019

To ask the Chancellor of the Exchequer, what estimate he has made of the cost to the public purse of disapplying the 2019 Loan Charge to loans made before the Finance (No. 2) Act 2017 received Royal Assent.

Answered on

11 July 2019

An estimate of the cost of amending the loan charge to remove loans made before 2017 is not available. The loan charge was legislated in the Finance (No.2) Act 2017 and is part of a package which was estimated to yield £3.2 billion over five years.

HMRC have written directly to scheme users identified through their compliance work, IT records and tax return data. This includes individual scheme users, employers and company directors.

In addition, HMRC have actively encouraged DR scheme users to come forward through their regular contact with taxpayers, and seek to increase awareness through their series of Spotlight publications, social media activity, and webinars.

HMRC are not aware of any individuals affected whom they have not yet contacted.

Answered by

Named day
Named day questions only occur in the House of Commons. The MP tabling the question specifies the date on which they should receive an answer. MPs may not table more than five named day questions on a single day.