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Thousands of self-employed to benefit from “tax grab” Loan Charge review

Finance, Economy

A retrospective tax on self-employed individuals who made use of alternative remuneration schemes will now be reviewed by the Treasury, following a key amendment to incoming legislation.

Liberal Democrat MP Ed Davey secured an amendment to the Loan Charge in the government’s latest finance bill, requiring the chancellor to review the effects of the legislation on many contractors.

The decision followed an apparent last-ditch attempt to prevent the amendment, in which financial secretary to the Treasury, Mel Stride, circulated a letter to all MPs on 21 December 2018 which contained “misleading” comments about the Loan Charge, according to the Federation of Small Businesses (FSB).

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