Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what recent assessment his Department has made of the effect of the loan charge on the physical and mental wellbeing of people subject to it.

The Government published a tax information and impact note (TIIN) for the Loan Charge, in common with all new tax legislation, and has since published a TIIN on the reform measures recommended in the independent review led by Sir Amyas Morse. These provide a clear explanation of the policy objective, together with details of the effect on the Exchequer, the economy, individuals, businesses, civil society organisations, as well as any equality or other specific area of impact.

As a result of these reforms, it is estimated that more than 30,000 people will benefit from reduced bills. The Government takes very seriously concerns over the physical and mental wellbeing of those subject to the Loan Charge and over the last year HMRC have significantly increased the support offered to customers undergoing compliance checks.