Loan Charge Action Group response...
PDF of release here The Loan Charge Action Group (LCAG) welcomes the publication of Sir Amyas Morse’s Loan Charge review report, the fact that the...
The Loan Charge Action Group has been formed to raise awareness of the retrospective tax charge introduced by HM Government in the 2017 Budget.
We are a non-profit volunteer run group that actively campaigns against Loan Charge legislation and the aggressive pursuit by HMRC of taxpayers to settle the associated tax demands.
We make a difference. The Loan Charge initially taxed all amounts received as far back as 1999, however thanks to tireless campaigning by members of the Loan Charge Action Group, we forced a review which succeeded in securing significant changes to the law, cutting the Loan Charge in half from 1999 to December 2010 and for 2010-2016 for people who have fully disclosed loan use.
Please note, we do not provide any form of chargeable service or professional advice.
Our mission is to:
Continue our campaign activity until we get a full, final and fair resolution to the Loan Charge and all related unfair demands for the tens of thousands of individuals impacted.
Continue to build a community where affected individuals can find information and support.
Continue to engage with politicians and the media to raise awareness of the devastating impact this legislation will have on individuals their families and our communities.
The 2019 Loan Charge was introduced by the Finance (No. 2) Act 2017. It is a tax charge on “employment related taxable loans made by third parties on or after 6 April 1999 brought within Part 7A ITEPA 2003 if they remain outstanding on 5 April 2019” (ref HMRC guidance).
Part 7A was introduced with the Finance Act of 2011 (December 2010). Therefore, to apply this to loans going back to 1999 is, by even the most layman terms, retrospective taxation. Furthermore, the loan charge legislation itself was clearly not in existence until 2017 (date of Royal Assent). Yes they were within the law, they say, but not in a way that was in tune with ‘what Parliament intended’.
Please watch the below video for insights into what the 2019 Loan Charge is, and how it applies to you. Please note that following the Morse Review, the Loan Charge now applies from Loans paid after December 2010 and for 2010-2016 for people who have fully disclosed loan use.
If you are struggling to cope with everything that the 2019 Loan Charge brings, you are not alone please read our excellent article below by Helen Stone. Helen is a Counsellor and an expert in Psychosynthesis Therapy and Coaching.Support & Counselling
@Jeremy_Hunt @hmtreasury @HMRCgovuk @JimHarraHMRC @RishiSunak Ignoring us won't make the victims of the retrospecti… https://t.co/6eKoBCsoCT
Indeed the mistreatment is unbelievable #LoanCharge https://t.co/L6HZncuT5w
All victims of the unjust retrospective tax called the #LoanCharge should go and see their MP face to face and expl… https://t.co/2xJt7KZKAK