Resolve the loan charge in the Budget, says action group

The Loan Charge Action Group (LCAG) has called on chancellor of the exchequer Jeremy Hunt to use the Budget in March to agree a fair resolution to the loan charge scandal and continuing controversy over HMRC’s approach to historic tax arrangements. The group is calling on ministers to listen to the group of tax sector professionals who have called for a resolution (see tinyurl.com/lcresolution).

In a letter to the chancellor the group suggests that the settlement opportunity needs to be based on an appropriate and affordable proportion of the disputed tax HMRC believes is due and on genuinely affordable terms. Further taxpayers should not be required to admit wrongdoing or deliberate tax avoidance when in many cases this would be forcing them to make a dishonest admission. The group says a significant number of people affected had no idea their...