When criticising a Labour Budget in 2005, my right hon. Friend the Chancellor said that the taxpayer
“is entitled to be protected from retrospective or retroactive legislation.”—[Official Report,
Vol. 434, c. 1139.]
but through the 2019 loan charge, that is precisely what HMRC is now doing to thousands of people who acted in good faith and in accordance with the rules at the time. May I urge my right hon. Friend once again not to backdate the charge to before 2017?