Policy paper

Independent Review of the Loan Charge

The government has commissioned a new independent review of the Loan Charge.

From:
HM Treasury and James Murray MP
Published
23 January 2025
Last updated
4 February 2025 — See all updates

Documents

Letter from Exchequer Secretary to the Treasury to Ray McCann (PDF)

PDF, 72.5 KB, 2 pages

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Letter from Exchequer Secretary to the Treasury to Ray McCann (accessible)

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Terms of Reference - Independent Review of the Loan Charge

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Privacy Notice: Independent Review of the Loan Charge

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Details

At Autumn Budget 2024, the government committed to an independent review of the Loan Charge to help bring the matter to a close for those affected whilst ensuring fairness for all taxpayers.

On 23 January 2025, the Exchequer Secretary to the Treasury made a Written Ministerial Statement announcing that Ray McCann, a former President of the Chartered Institute of Taxation, would lead the review.

The review will examine the barriers preventing those who are subject to the Loan Charge but have not already settled and paid their tax liabilities in full from reaching resolution with HMRC. It will recommend ways in which they can be encouraged to settle with HMRC.

The reviewer will report and present their recommendations to the Exchequer Secretary to the Treasury by Summer 2025. The terms of reference set out the context, scope, and objectives of the independent review in further detail.

The review team can be contacted at contact@lcreview2025.org.uk. Those who wish to provide evidence of the impact of the Loan Charge or other representations should use this email address.

You can find information about HMRC’s operational activity during the review.

Updates to this page

Published 23 January 2025
Last updated 4 February 2025 + show all updates

  1. Sentence to invite representations to the review mailbox and privacy notice added.

  2. Link to information about HMRC’s operational activity during the review added

  3. Link to Written Ministerial Statement added

  4. First published.

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