The Loan Charge, which became law in 2017, is a controversial piece of legislation that has allowed HMRC to pursue taxpayers and something that many professionals in the tax and accounting sectors believe must be resolved.
There have already been suicides of people facing the Loan Charge and if HMRC enforce it, there will be many bankruptcies as HMRC themselves have acknowledged that some people simply cannot pay the sums demanded and that there will be insolvencies as a result.
There are many professionals in the tax and accounting sectors who are troubled by both the nature of the legislation and, in particular, the impact on those facing it.
A group of sector professionals have come together and published a proposal to resolve the loan charge and to provide a fair and final resolution to give closure both to taxpayers facing it and also to HMRC.
The professionals, comprised of tax lawyers, tax advisers and accountants, led by Sarah Gabbai of McDermott, Will and Emery, have taken action due to the increasing concern about the impact on thousands of families if HMRC enforce the Loan Charge.
The professionals have come together to offer a new voice to the debates on the issue and the possibility of resolving the impasse between HMRC and taxpayers facing the Loan Charge. The professionals are not part of any organisation and this is an attempt by independent professionals across the sector to seek to facilitate a resolution, to the ultimate benefit of everyone.