Dozens of MPs call for loan charge extension

More than 50 MPs have signed an open letter from the Loan Charge All Party Parliamentary Group to Chancellor Rishi Sunak, requesting an immediate delay to the loan charge settlement deadline. The letter says: “We are writing to implore you to delay the date for reporting the loan charge and concluding settlement agreements from 30th September 2020 to 31st January 2021. This is essential, to allow all those who wish to do so adequate time to settle and also due to the unforeseen impacts of the COVID-19 crisis. The delay is vital due to effect of the COVID-19 pandemic on business and the economy. As HMRC knows, if the loan charge is imposed, as well as forcing individuals into bankruptcy, it will also close businesses (where company directors are facing the loan charge). This in turn will cause job losses. A sensible delay gives the opportunity to avoid much of this damage.”

Read more: Yorkshire Post

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