MPs succeed in forcing the Treasury to review the loan charge
Posted by mostafa on 14 January, 2019
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The government agreed to review the loan charge legislation by 30 March after a cross-party group of MPs pushed through an amendment to the Finance Bill. New clause 26 was tabled by Ed Davey (Lib Dem) and signed by 38 MPs.
The charge, due to come into effect in April, targets workers who, rather than being paid a salary, have been loaned money often from an offshore trust or through an umbrella company in the past 20 years.
A House of Lords report from the Economic Affairs Committee published in December criticised the charge, saying HMRC had failed to communicate with taxpayers affected. The report said: ‘HMRC appears …