Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment he has made of the value-for-money to the taxpayer of the Loan Charge.

Tax avoidance deprives the Exchequer of funds needed to deliver vital public services and it is right that HMRC target their resources to stop this.

The Loan Charge was intended to encourage those who had used disguised remuneration loan schemes to settle their affairs before it came into effect. HMRC estimates that £2.3 billion of these liabilities had been paid, largely by customers who agreed a contract settlement before the Loan Charge arose.

There are are around 32,000 individuals and 5,000 employers with outstanding or unresolved Loan Charge liabilities in scope of the Loan Charge Settlement Scheme, with liabilities estimated to be around £3.6 billion in total(£1.7 billion and £1.9 billion respectively).