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Written question asked by Lord Goldsmith of Richmond Park (Conservative) on Monday, 8 July 2019, in the House of Commons. It was due for an answer on Thursday, 11 July 2019 (named day). It was answered by Jesse Norman (Conservative) on Thursday, 11 July 2019 on behalf of the Treasury.

Tax Avoidance

Question

To ask the Chancellor of the Exchequer, what estimate he has made of the cost to the public purse of disapplying the 2019 Loan Charge to loans made before the Finance (No. 2) Act 2017 received Royal Assent.

Answer

An estimate of the cost of amending the loan charge to remove loans made before 2017 is not available. The loan charge was legislated in the Finance (No.2) Act 2017 and is part of a package which was estimated to yield £3.2 billion over five years.

HMRC have written directly to scheme users identified through their compliance work, IT records and tax return data. This includes individual scheme users, employers and company directors.

In addition, HMRC have actively encouraged DR scheme users to come forward through their regular contact with taxpayers, and seek to increase awareness through their series of Spotlight publications, social media activity, and webinars.

HMRC are not aware of any individuals affected whom they have not yet contacted.

Secondary information

Type
Written question
Reference
274513
Session
2017-19
Grouped for answer
Yes
Subjects
Costs Tax avoidance
Legislation
Finance Act 2017
Contains statistics
Yes
Link
View this Written question on www.parliament.uk