Chesham and Amersham MP, Sarah Green, has today urged the Government to launch a fresh review of the Loan Charge in light of the devastating impact it has had on the mental health and lives of those facing it. 8 people facing the charge - a retrospective tax levied on those paid through legal loan remuneration schemes – have lost their lives to suicide.

Speaking during today’s oral questions to Her Majesty’s Treasury, Green said:

‘The Government has confirmed that 8 people facing the loan charge have now lost their lives to suicide. One of my own constituents recently told me they’re a totally nervous wreck and have contemplated ending their own life on numerous occasions. In light of the heavy toll the loan charge is taking on the lives of those facing it, will the government commit to a fresh and independent review of the loan charge?’

Responding for the Government, Financial Secretary to the Treasury Lucy Frazer MP, said:

‘The Honourable member will know that there has already been an independent review carried out by Lord Morse and the Government accepted all but one of those recommendations. HMRC does already have a helpline but of course it is important to ensure that we look after those who are most vulnerable.’

Following the exchange, Green commented:

‘The Minister speaks of looking after those who are vulnerable, yet the Government is treating them like criminals while pressing ahead with this damaging policy. Since its conclusion, evidence has emerged which suggests that due to incorrect legal advice, the Morse review was based on flawed logic. The Government must accept this evidence, listen to the tens of thousands of victims calling for justice, and commit to a new review of the Loan Charge.’

Note to Editors

Letter from the All Party Parliamentary Loan Charge and Taxpayer Fairness Group to the Financial Secretary to the Treasury highlighting the need for a further review: 2021-12-03-Loan-Charge-APPG-letter-to-the-Financial-Secretary-to-the-Treasury.pdf (loanchargeappg.co.uk)

Government response to written question confirming that 8 taxpayers subject to the Loan Charge have taken their own life: Written questions and answers - Written questions, answers and statements - UK Parliament