Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what recent estimate he has made of the number of people facing bankruptcy as a result of the Loan Charge.

HMRC cannot provide an estimate for the number of people subject to the Loan Charge who have been declared bankrupt. There are many reasons why someone may be declared bankrupt. Moreover, HMRC are not always the only creditor; some individuals may be declared bankrupt as a result of a non-HMRC debt and some individuals may choose to enter insolvency themselves based on their overall financial position.

HMRC only ever consider insolvency as a last resort and encourage taxpayers to get in contact to agree the best way to settle their tax debts. Anyone who is worried about being able to pay what they owe is encouraged to get in touch with HMRC as soon as possible on 03000 599110.