Tax Avoidance

Treasury written question – answered on 16th June 2021.

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Photo of Ian Lavery Ian Lavery Labour, Wansbeck

To ask the Chancellor of the Exchequer, how many people are subject to the Loan Charge as at 8 June 2021.

Photo of Jesse Norman Jesse Norman The Financial Secretary to the Treasury

HMRC’s latest estimates for those affected by the Loan Charge are included in their GOV.UK publication titled Independent Loan Charge review: HMRC report on implementation.

As set out in this report, in January 2020, HMRC wrote to more than 55,000 individuals and employers who were identified as potentially affected by the Loan Charge. HMRC estimate the changes to the Loan Charge enacted in Finance Act 2020 took 11,000 people out of paying the charge altogether.

The report goes on to state that 5,600 employers and individuals settled their use of disguised remuneration schemes in the period to 30 September 2020.

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