Press Association* –
Times and Star
Campaigners say reforms to the controversial loan charge do not go far enough, and labelled a new cut-off date “meaningless”.
The Government on Friday accepted a number of recommendations in a report by senior auditor Sir Amyas Morse and agreed to reduce the tax bill of 30,000 people caught up in the loan charge – a “draconian” tax avoidance clampdown which has been linked to seven suicides.
Sir Amyas’ report said HM Revenue and Customs (HMRC) should only chase tax repayments from those involved in the scheme up to 2010 – a roll-back of 11 years from the initial 1999 cut-off that the Treasury has accepted.
…Sir Ed, former chairman of the cross-party loan charge group, added: “At last we have the news that the draconian loan charge legislation is to be significantly amended in Parliament next year.
“There are welcome and significant changes, yet I still believe there remain injustices which will need further changes, including the removal of all aspects of retrospection.”
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