Campaigners welcome Loan Charge Review but repeat calls for independence and suspension
Loan Charge campaigners welcome the Treasury’s announcement of the expected Loan Charge review, and the news that it will be chaired by former Comptroller and Auditor General of the National Audit Office — Sir Amyas Morse.
However, the Loan Charge Action Group (LCAG), the All Party Parliamentary Group (APPG), professional tax advisors and many MPs are concerned that Loan Charge activity was not suspended. The review could lead to legislation changes, so a complete suspension of all Loan Charge-related activity would clearly be the correct thing to do.
Campaigners state that a full suspension of all Loan Charge activity is needed to allow enough time for the genuine “thoroughgoing review” promised. Such a suspension should include any reporting or payment deadlines, “voluntary” settlement negotiations, penalties and debt collection activities until the review concludes. The timescale for the review is already worryingly short, with the report due to be delivered in mid-November.
Read the full Press Release HERE