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Loan Charge 2019: Sir Amyas Morse Review

Part of the debate – in the House of Commons at 1:29 pm on 19th March 2020.

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Photo of Kevin Hollinrake Kevin Hollinrake Conservative, Thirsk and Malton 1:29 pm, 19th March 2020

My right hon. Friend is making some very good points, which I agree with. However, does he not agree that if something looks too good to be true, it usually is? In my business, we have been brought this kind of scheme a number of times by our advisers over the last 30 years, maybe with a barrister’s letter saying, “Don’t worry. It’ll be fine. You can reduce your tax bill hugely by adopting this scheme.” We have always rejected them because we knew the risk. Does my right hon. Friend agree that there is a requirement on the individual who subscribes to one of these schemes to make sure they understand the risks and that there is no guarantee the scheme will actually reduce their tax burden?