Independent Loan Charge review: HMRC report on implementation
This report shows the action HMRC have taken to implement all of the nineteen accepted recommendations of the Independent Loan Charge Review.
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In September 2019, the Government asked Sir Amyas Morse to lead the Independent Loan Charge Review. He was asked to consider whether the Loan Charge policy was an appropriate response to the tax avoidance behaviour in question and whether changes announced by the government in advance of, and since the Loan Charge came into effect, addressed the legitimate concerns raised about the impact on individuals, including affordability for those affected.
The Review was published in December 2019 and, in response, the government accepted all but one of the twenty recommendations. Recommendation 14 of the Independent Loan Charge Review specifically asked that HMRC report to Parliament on its implementation of the Loan Charge before the end of 2020.