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Loan Charge

Treasury – in the House of Commons at on 11 October 2022.

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Photo of Mike Amesbury Mike Amesbury Labour, Weaver Vale

What estimate he has made of the revenue that will be raised by the loan charge.

Photo of Richard Fuller Richard Fuller The Economic Secretary to the Treasury

The loan charge was announced in the 2016 Budget as part of a package of measures to tackle disguised remuneration tax avoidance. In the 2022 spring statement, it was estimated that the package would produce an overall Exchequer yield of £3.4 billion. The changes resulting from the 2019 independent review of the loan charge have reduced the Exchequer yield by an estimated £620 million.

Photo of Mike Amesbury Mike Amesbury Labour, Weaver Vale

Too many ordinary people are facing huge Bills, untold distress and, in some cases, personal harm and indeed suicide because of the loan charge scandal. Can the Minister and the Government now commit themselves to finally commissioning a truly independent review to deal with this mess?

Photo of Richard Fuller Richard Fuller The Economic Secretary to the Treasury

I do not think that any Member who has met constituents who have been affected by the loan charge can have failed to be moved by the emotional and psychological impact that it has had on many of them. It is therefore right for me, as a Minister, to look at the issue carefully, and I can say to the hon. Member that I will engage all interested parties.

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