To ask the Chancellor of the Exchequer, what estimate he has made of the number of people who will be declared bankrupt as a result of the implementation of the Loan Charge.
HMRC do not want to make anybody bankrupt, and insolvency is only ever considered as a last resort. HMRC will work with individuals to reach sustainable and manageable payment plans wherever possible. In line with current practice, HMRC will pause recovery action where a taxpayer has no ability to pay, until there is a significant change of circumstance.
HMRC are not always the only creditor and some individuals may choose to enter insolvency themselves based on their overall financial position.
Anyone who is worried about being able to pay what they owe is encouraged to get in touch with HMRC as soon as possible on 03000 599110.