More suicides will be a consequence of Loan Charge, chancellor is warned

A ninth person facing action from HM Revenue & Customs over disguised remuneration schemes has committed suicide.

This was the stark news the All-Party Parliamentary Loan Charge & Taxpayer Fairness Group told Chancellor Nadhim Zahawi in a letter dated 29 July [2022].

Some of the schemes are now subject to the retrospective Loan Charge, which could place people, especially those on lower incomes, into bankruptcies. Tens of thousands of people are affected, the letter said.

“This is tragic news and utterly devastating for the family concerned,” the letter said. “However, it was alas entirely predictable and also avoidable. We have warned successive chancellors and treasury ministers of the serious suicide risk from the Loan Charge and the overall current approach… to people who were mis-sold these schemes by professional advisers, including chartered accounts and tax advisers.

“We have recently undertaken a call for evidence and are deeply concerned at how many respondents – 15% of all who responded – who have reported suicidal thoughts or intent.”

Signed by members of Parliament Greg Smith, Sammy Wilson and Baroness Kramer, the APPG letter calls on the chancellor to “show some leadership on this issue as well as some much-needed compassion and commons sense… There is a pressing need, in light of this latest tragedy, for a review that is fully independent of the Treasury and HMRC”. 

The letter said such a review had to look at how the policy was conceived and why the HMRC impact statement ignored the predicted issues.

• Comment below on this story. Or let us know what you think by emailing us at [email protected] or tweet us to tell us your thoughts or share this story with a friend.


This week’s new launches include: Encore Personnel, GIG

New to Market 9 August 2022

Big business still ‘hiding employees’ from tax rules says law firm

HMRC suspects large businesses of underpaying £1.4bn in employment taxes as it cracks down on “hidden employees” or self-employed workers that HMRC believes are really employees for tax purposes, according to multinational law firm Pinsent Masons.

Legislation 1 August 2022

Government ignores ‘too difficult to deal with’ employment status consultation

“Disappointing” has been the withering reaction to the government’s status quo response this week to a consultation launched in 2018 about how employment status reform could work.

Legislation 27 July 2022

D&D Recruit rewards staff with 5% pay rise

Runcorn-headquartered recruiter D&D Recruit has given its staff a major pay boost, with an increase of 5% across the business, the company has announced.

23 June 2022