In the second of such events we have been invited to this year, yesterday 26th Feb 2020, the Loan Charge APPG held a drop in session for new MP’s who wish to learn more about the Loan Charge, it’s recent review and the damage it is visiting on their constituents.
The response was excellent.
Sitting alongside Keith Gordon and many Loan Charge victims eloquently expressing their stories, we discussed a wide range of issues with MPs and their aids alike, exploring, amongst other things;
- Why the Loan Charge should remove all elements of retrospection
- Why the cut off date of December 2010 is inaccurate and fails to comprehend the reality of what happened
- How taxpayers can be protected moving forward
- How the market can be regulated in line with the above
- The wider issue of retrospective taxation being allowed to creep into legislation
Why the Loan Charge should be prospective from the date of its announcement (2016)
Those who attended the session, did so with a clear interest and understanding of the Loan Charge and the effects it is having on their constituents.
In short, they want to see more change than has been offered in Sir Amyas Morse’s report.
However, they can only do so on behalf of their constituents.
WTT, LCAG and many other advisers have, for many years said that your MP’s can help facilitate change. Many constituents have arranged meetings and not progressed far. Many more have gained the support of a useful ally in parliament to fight their corner.
Recently, even more are new representatives looking to make their mark and ensure they remain in seat for a further four years despite winning Labour strong holds. The opportunity to inform and win the support of these new MP’s is plainly there and the session held yesterday is testament to that.
The Loan Charge is plainly one of the most egregious, punitive and unnecessary pieces of tax legislation ever implemented. Opportunity exists to amend it. Take that opportunity and speak with your MP again.
Especially where you have a new representative post the election. We will come with you, we will offer briefing notes, we will speak with them on your behalf, whether you are a client or not. You have support. Use it, use them and help the Loan Charge APPG continue the hard work they are doing on your behalf.