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MPs urge former Treasury minister to investigate loan charge

Former Treasury Minister Mel Stride must not be allowed to “mark his own homework” following his election as chair of the House of Commons Treasury Committee, a committee member warned.

The All-Party Parliamentary Group on the loan charge called on Stride to investigate the conduct of HM Treasury and HM Revenue & Customs in relation to the charge, and to investigate “why it was deemed acceptable to retrospectively change the law and sweep away statutory protections.”

Stride was the financial secretary to the Treasury from June 2017 to May 2019, and leader of the House of Commons until Boris Johnson became prime minister in July 2019. Amyas Morse, the former head of the National Audit Office, is leading a review of the charge and is expected to report to Treasury by mid-November. Tax professionals giving evidence to the review said the loan charge controversy has damaged the integrity of the tax system.

My news story for Tax Notes, October 25, now free to view: MPs Urge Former Treasury Minister to Investigate Loan Charge