Treasury written question – answered on 19th March 2020.
To ask the Chancellor of the Exchequer, what steps he plans to take to provide financial assistance to people still affected by the 2019 Loan Charge.
The Government estimates that 50,000 individuals were affected by the Loan Charge and that following the implementation of the Loan Charge Review’s recommendations, about 11,000 will be taken out of its scope altogether, and more than 30,000 will benefit from the changes.
In addition to this, HMRC offers Time to Pay arrangements which ensure that taxpayers only pay what they can, when they can, by providing manageable payment terms. In addition to existing arrangements, HMRC will not require payment of more than 50% of disposable income, aside from where taxpayers have very high disposable incomes; and where a taxpayer has no disposable assets and earns less than £50,000, they are automatically entitled to a minimum of a five-year payment plan, and where they earn less than £30,000, a minimum of seven years. HMRC have also announced previously that no taxpayer will be forced to sell their main home to fund a disguised remuneration or Loan Charge tax bill.
Yes1 person thinks so
No5 people think not
Would you like to ask a question like this yourself? Use our Freedom of Information site.