Loan Charge

Part of Brunei – in the House of Commons at 2:09 pm on 4th April 2019.

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Photo of Julia Lopez Julia Lopez Conservative, Hornchurch and Upminster 2:09 pm, 4th April 2019

I must confess that I share some of my hon. Friend’s mixed feelings about this issue, particularly as there is a disparity between what my constituents say to me and what the Minister says to me. Where there does seem to be culpability from HMRC from my perspective is that it knew full well about some of these loan schemes for a very long time and subsequently a political decision was made to call them in, and that political decision could have been taken much earlier so that we would not have seen some of this damage. That creates a lot of uncertainty within the wider tax system, which is very corrosive.