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Loan charge 2019

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Dear HM Revenue and Customs,

Loan Charge 2019

On 22nd November 2017, HMRC published an impact statement on the expected effects of the loan charge. This is at the following link.

https://www.gov.uk/government/publicatio...

We would request sight of the data supporting the conclusions reached, in particular the claims that:

Economic impact
This measure is not expected to have any significant macroeconomic impacts.

Impact on individuals, households and families
This package is not expected to have a material impact on family formation, stability or breakdown.

These are critical elements in persuading Parliament to adopt the policy suggested by HMRC and should be examined carefully.

Further the impact statement predicted tax collection of £2.42bn. Can HMRC confirm that this includes the likelihood that some 40% of those affected will be unable to pay the tax demanded?

Further, Mr Jon Thompson of HMRC has recently written to MPs indicating that the measure will collect £3.4bn of tax. Can HMRC please explain and release a new impact statement that explains this jump of £1bn in expected recovery?

Thank you.

Yours faithfully,

Graham Webber, Tax Director, WTT Consuklting Ltd

foi.team@hmrc.gsi.gov.uk on behalf of FOI Central Team, HM Revenue and Customs

Our ref: FOI2018/01856

Dear Mr Webber,

Freedom of Information Act 2000 Acknowledgement

Thank you for your communication of 20th August which has been passed to
HMRC's Freedom of Information Team.

We have allocated the above reference which you should quote if you need
to contact us.

The Team will arrange for a reply to be sent to you which will either
comply with HMRC's obligations under Freedom of Information Act or, if we
think it's an enquiry that we don't need to address under the terms of the
Act, let you know why. If it is the latter we will, if possible, pass it
on to a more appropriate part of the Department for answer.

Yours sincerely

HMRC Freedom of Information Act Team

foi.team@hmrc.gsi.gov.uk on behalf of FOI Team, HM Revenue and Customs

1 Attachment

Dear Mr Webber,

I am writing in response to your request for information, received 20th
August.

Yours sincerely,

HMRC Freedom of Information Team

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