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Norman to attend meeting about Loan Charge 2019

The Treasury minister Jesse Norman will be meeting with MPs who are seeking to persuade him to put the Loan Charge 2019 on hold.

Norman has indicated that the meeting with the chairman of the Loan Charge APPG, Sir Ed Davey, and members of this group will happen very soon. In total, 190 MPs have been urging him to agree to this, but those hoping that the announcement was a precursor to the controversial tax charge being suspended could be disappointed.

Norman stated on Twitter that the meeting was to improve understanding of the issues, not a sign that he was caving in to demands to take another look at it. The charge was introduced with the Budget of 2017 and applied retroactively to contractors who received work payments as interest-free loans so that National Insurance and Income Tax could be avoided.

Now, faced with having to pay what HMRC considers taxable income going back to 1999, many contractors state that they cannot meet the bills. The Loan Charge APPG is claiming that it has evidence that HMRC is pressuring them and, according to Contractor UK, Davey said:

“Ministers so far have utterly failed to realise that HMRC is out of control and are using the loan charge powers like robber barons. So we urge the new Treasury minister, Jesse Norman, to listen and suspend the loan charge.”

Given the scale of the issue, many contractors will likely be seeking advice from accountants in Liverpool and other areas on what to do.

Posted by Mark
June 25, 2019
HMRC

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