Loan charge continues to have a devastating effect

Two years have passed since I wrote my previous article highlighting the plight of thousands of individuals affected by the loan charge (‘That “boxed in” feeling’ Taxation 27 August 2020 page 8).

Since then another two people have sadly taken their own life unable to see any other way out. Two more families suffering unimaginable devastation as a result of what is now known as the ‘retro tax’.

Although I cannot even begin to imagine the suffering these families are going through losing a loved one in such tragic unnecessary circumstances I have a little insight into the depths to which an individual can plummet having had several of my own clients contemplate suicide due to the financial devastation they faced. On many occasions being the only person available to discuss their situation with I listened with mounting...