Prime Minister announces review of loan charge

During his first Prime Minister’s questions on 4 September 2019, Boris Johnson announced that he had ‘undertaken to have a thoroughgoing review of the matter’.

Since this statement, there have been no further details concerning the nature or timing of the review.

ICAEW raised concerns about the retrospective nature of the charge in its original representation (Rep 150/16 – Tackling disguised remuneration).

Given that many people have settled tax liabilities under the legislation or may be in the process of doing so, further advice from HMRC or the Treasury would be welcome.