Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what recent assessment his Department has made of the potential merits of extending the settlement deadline for the 2019 Loan Charge.

The Government estimates that around 50,000 individuals will be affected by the 2019 loan charge. More than 28,000 scheme users expressed an interest in settling their tax affairs, with over 19,000 returning their information under the settlement terms, which were published in November 2017.

HMRC are currently working through the settlement process with scheme users who came forward to settle their tax affairs before 5 April 2019. However, for those customers who are at the final stages of settling, HMRC will allow sufficient time for them to make their decision and sign their settlement paperwork. HMRC will ensure that no one is disadvantaged by any HMRC delay.

Since the loan charge was announced, HMRC have agreed around 7,000 settlements with employers and individuals, worth over £1.5 billion. It is too early to determine how many scheme users who are liable to the loan charge, will have complied with their filing/reporting obligations.