Growing support among members of Parliament for a suspension of the controversial loan charge suggests that many MPs did not understand the legislation they passed in 2017, a leading tax professional said.
As of April 9, more than 100 MPs had signed a letter from the Loan Charge All-Party Parliamentary Group (APPG) to Financial Secretary to the Treasury Mel Stride urging him to announce that the loan charge will be suspended for six months to allow for an independent review.
“In a fair tax system, both the amount of the tax and the way it is imposed must be seen to be fair,” George Bull, senior tax partner at RSM UK, told Tax Notes, adding that while 281 Conservative MPs voted for the bill that became Finance (No. 2) Act 2017, he understands that 47 Conservatives are members of the APPG. “Based on the size of the APPG, it seems that many MPs did not understand the nature of the legislation they were enacting,” he said.
My news story for Tax Notes (now outside the paywall), April 10: More Than 100 MPs Call for 6-Month Suspension of U.K. Loan Charge
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