Bankruptcy: Tax Avoidance

Treasury written question – answered on 11th December 2018.

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Photo of Zac Goldsmith Zac Goldsmith Conservative, Richmond Park

What estimate he has made of the number of people who will be made bankrupt as a result of the 2019 Loan Charge.

Photo of Mel Stride Mel Stride Financial Secretary to the Treasury and Paymaster General

The Government recognises the charge on DR loans will have a significant impact on some people who have used schemes where loans were used to avoid paying tax on earnings.

An impact assessment was published when the measure was announced at Budget 2016.

HMRC wants to help people put things right and has an outstanding track record of helping people, but it can only help those who come forward.

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