Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what plans he has to announce a further review of the Loan Charge.

A comprehensive independent review of the Loan Charge has already taken place. In September 2019, the Government commissioned Lord Morse to lead this Review.

Lord Morse’s report was published in December 2019 and concluded that it was right for the Government to collect the tax due, but also recommended changes to how the Loan Charge works.

The Government accepted all but one of the Review’s 20 recommendations, which is estimated to benefit over 30,000 individuals, removing 11,000 from the Loan Charge entirely.

These changes have improved how the Loan Charge operates, which ensures that individuals pay the right amount of tax and ensures fairness for all taxpayers and the wider public.