HMRC head challenged over loan charge ‘misinformation’
An all-party group of MPs has written an open letter to the head of HMRC challenging him about what they dub ‘clear misinformation’ in statements made by HMRC, and then repeated by the Treasury, about the 2019 loan charge, which is set to come into effect at the end of this week amid considerable controversy.
The all-party parliamentary loan charge group (APPLG) says the move follows increasing concern among MPs and journalists about the accuracy and honesty of statements being made by HMRC and the Treasury regarding the loan charge, which relates to the use of disguised remuneration schemes. The group describes the charge as ‘a 20-year retrospective tax that undermines the rule of law by overriding statutory taxpayer protections’.
Read more at the Accountancy Daily.