Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how many and what proportion of people in settlement discussions with HMRC on the Loan Charge have to date reached settlement.
Her Majesty’s Revenue and Customs (HMRC) are assuring disguised remuneration settlement data received to date. This includes data on those taxpayers who were unable to meet the 30 September settlement deadline for reasons beyond their control who are continuing settlement discussions.
Information on settlements will be included in HMRC’s report to Parliament on the implementation of the independent Loan Charge Review, due before the end of the year.
At the time of the independent review of the Loan Charge, about 12,000 employers and individuals still had the opportunity to keep clear of the Loan Charge by concluding settlement, having provided all the relevant information to HMRC by 5 April 2019. Indications are that as at 2 October about 60 per cent of these have either settled, informed HMRC that they had instead decided to report and pay the Loan Charge, or have been taken out of scope of the Loan Charge following the Government’s changes in response to the independent review.