Loan Charge

Part of the debate – in the House of Commons at 4:01 pm on 11th April 2019.

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Photo of Stephen Metcalfe Stephen Metcalfe Conservative, South Basildon and East Thurrock 4:01 pm, 11th April 2019

I do not know what the rules are on my hon. Friend reading the next line of my speech over my shoulder, because it says here that my constituent continued with these arrangements and, each and every year, dutifully declared on his tax return the amount he had received in loans and the amounts he had returned thereof. It came as a surprise that, years later, HMRC intends to use its newly granted powers—in what my constituent describes as “winding back the clock”—to retrospectively claim that the arrangements my constituent and others had used were not legal, had never worked and that the tax on the loans was always due.