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Written Statements

Volume 670: debated on Monday 20 January 2020

Written Statements

Monday 20 January 2020

Treasury

Independent Loan Charge Review: Implementation

In September 2019, the Government commissioned Sir Amyas Morse to lead the independent loan charge review. The loan charge is designed to tackle disguised remuneration tax avoidance schemes. These are tax arrangements that seek to avoid income tax and national insurance contributions by paying scheme users income in the form of loans, usually via an offshore trust, with no expectation that the loans will ever be repaid.

On 20 December 2019, the Government published the review and the Government’s response to the review. The Government accepted all but one of the review’s recommendations (HCWS14).

HM Revenue & Customs (HMRC) has today published draft legislation to give effect to these changes, alongside explanatory notes and a tax information and impact note. These can be found using the links below.

The draft legislation and explanatory notes: https://www. gov.uk/government/collections/finance-bill-2019-20

The tax information and impact note: https://www.gov. uk/government/collections/tax-information-and-impact-notes-tiins

HMRC will hold an informal four-week consultation on the draft legislation to invite views from stakeholders. The Government intend to legislate for the changes in the forthcoming Finance Bill, which will be introduced after the Budget.

The draft legislation that the Government have published today does not cover the Government’s commitment that HMRC will repay settlements where voluntary restitution has been paid by individuals and employers for years no longer subject to the loan charge because the year is unprotected. Legislation giving effect to this commitment, together with details of the repayment scheme, will be published separately ahead of the Finance Bill. The scheme will be legislated for at the earliest opportunity in the Finance Bill, alongside the other changes to the loan charge.

HMRC has also published further guidance for taxpayers on the changes to the loan charge following Sir Amyas’s review. This supplements the guidance published on 20 December.

https://www.gov.uk/government/publications/disguised-remuneration-independent-loan-charge-review/guidance

[HCWS45]

Prime Minister

Parliamentary Assembly of the Council of Europe

The United Kingdom delegation to the Parliamentary Assembly of the Council of Europe is as follows:

Sir Roger Gale MP (Leader)

Full Representatives

Substitute Members

Hannah Bardell MP

Lord Anderson of Swansea

Stella Creasy MP

Tonia Antoniazzi MP

Sir Jeffrey Donaldson MP

Lord Balfe

Earl of Dundee

Lord Blencathra

Baroness Eccles of Moulton

Sir Christopher Chope MP

Dame Cheryl Gillan MP

Steve Double MP

John Howell MP

Lord Foulkes of Cumnock

Sir Edward Leigh MP

Conor McGinn MP

Kerry McCarthy MP

Lord Russell of Liverpool

Baroness Massey of Darwen

Tommy Sheppard MP

Ian Murray MP

Lord Touhig

Lord Prescott

Martin Vickers MP

Virendra Sharma MP

[HCWS44]