Independent Review of the Loan Charge
The government has commissioned a new independent review of the Loan Charge.
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At Autumn Budget 2024, the government committed to an independent review of the Loan Charge to help bring the matter to a close for those affected whilst ensuring fairness for all taxpayers.
On 23 January 2025, the Exchequer Secretary to the Treasury made a Written Ministerial Statement announcing that Ray McCann, a former President of the Chartered Institute of Taxation, would lead the review.
The review was tasked with examining the barriers preventing those subject to the loan charge from reaching resolution with HMRC and recommending ways to support them to settle. The review’s overarching objectives were to bring the matter to a close for those affected, ensure fairness for all taxpayers, and ensure that appropriate support is in place for those subject to the loan charge.
The review has now concluded, and its report has been published alongside the government’s response. In line with the review’s main recommendation, the government will establish a new settlement opportunity for those with outstanding loan charge liabilities.
HMRC has published guidance setting out what this means for those affected: HMRC operational activity during the new independent review of the Loan Charge