Peter Aldous
Main Page: Peter Aldous (Conservative - Waveney)Department Debates - View all Peter Aldous's debates with the HM Treasury
(5 years, 9 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Mr Hammond
Indeed, Mr Speaker. What I will say is that we have spent the last eight years cleaning up the mess that was left behind for us by the last Labour Government and trying to mitigate its impacts on ordinary families up and down this country. It is the same whenever Labour gets into power: it is always ordinary people and the most vulnerable in society who suffer the most, and it is always the Tory party that has to clean up the mess.
Peter Aldous (Waveney) (Con)
To follow on from the question asked by the hon. Member for Eastbourne (Stephen Lloyd), the retrospective nature of the 2019 loan charge could bankrupt thousands of people. Will the Government revise legislation to ensure that that does not happen, with the loan charge only applying to disguised remuneration loans made after the passing of the Finance (No. 2) Act 2017?
Mel Stride
This is not retrospective legislation. The activities and arrangements entered into by those who are in scope of this measure were not legal when they were entered into, even though they may have been entered into in the past. The loan charge is there not to apply penalties for that behaviour, but to ensure that those individuals pay the right amount of tax.