HMRC should follow the spirit of the recommendations

HMRC has not made enough progress on the loan charge says the House of Lords’ economic affairs Finance Bill subcommittee. It is improving the way it manages the charge and tackles promoters of disguised remuneration schemes but there are too many shortcomings in the way its response to the Independent loan charge review by Sir Amyas Morse in December 2019 is being implemented.

The lords expect HMRC to follow the spirit as well as the letter of its charter and the recommendations of the review. 

Chair of the subcommittee Lord Bridges of Headley said: ‘What HMRC commits to is all too often not reflected in what taxpayers experience with regard to the loan charge. We welcome that HMRC is doing more to tackle disguised remuneration schemes at source. However it must do more to reduce the exposure of taxpayers to such schemes in...