MPs call for a resolution to the loan charge

The all-party parliamentary loan charge and taxpayer fairness group (loan charge APPG) has written to the chancellor to express its concerns about the wave of discovery assessment demands sent out by HMRC to individuals facing the loan charge.

The letter states: ‘These demands that have come without warning are for very significant and life-changing (and in most cases clearly unaffordable) sums. On top of this people are facing punitive daily interest additions and penalties which is making the sums even more unaffordable.’

The APPG reiterates the fact that HMRC has had four years to issue these discovery assessments based on what was detailed within the 2018-19 tax returns but it continues to charge backdated interest. The letter says: ‘HMRC are only delivering these discovery assessments days before their ability to raise such an assessment expires. In some instances the...