Ross-shire MP Jamie Stone demands immediate review of Loan Charge
FAR North MP Jamie Stone has written to the chancellor asking him to immediately review the 2019 Loan Charge.
The loan charge came into effect on April 6 and applies to everyone who used so-called disguised remuneration schemes. The legislation added a 45 per cent non-refundable charge on all loans advanced through the schemes.
Commenting Mr Stone, who represents Caithness, Sutherland and Easter Ross, said: “The Loan Charge is a retrospective change which has been imposed on individuals for their use of schemes which were legal at the time and in many cases were approved by tax advisors.
“The impact is substantial for many of the affected individuals and, as I have previously said in the House of Commons, perfectly innocent people have been caught in a terrible trap and there have already been several suicides as a result.
“The Treasury must suspend the 2019 Loan Charge immediately and agree to an independent review to ensure individuals and families are spared the devastating impact of the loan charge.”