Independent Review of the Loan Charge

At Autumn Budget 2024, the government committed to an independent review of the Loan Charge to help bring the matter to a close for those affected whilst ensuring fairness for all taxpayers.

On 23 January 2025, the Exchequer Secretary to the Treasury made a Written Ministerial Statement announcing that Ray McCann, a former President of the Chartered Institute of Taxation, would lead the review.

The review will examine the barriers preventing those who are subject to the Loan Charge but have not already settled and paid their tax liabilities in full from reaching resolution with HMRC. It will recommend ways in which they can be encouraged to settle with HMRC.

The reviewer will report and present their recommendations to the Exchequer Secretary to the Treasury by Summer 2025. The terms of reference set out the context, scope, and objectives of the independent review in further detail.

A call for evidence has now been published, closing on 30 May 2025. Individuals or organisations wishing to respond to that are asked to do so at their earliest opportunity, using the document available to download on this page.

The review team can be contacted at contact@lcreview2025.org.uk. Those who wish to provide evidence of the impact of the Loan Charge or other representations, including through the call for evidence, should use this email address.

You can find information about HMRC’s operational activity during the review.