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Working in tax, my colleagues and I know all too well about the disguised remuneration loan charge, indeed, we have been extremely active in championing a review of the loan charge itself, you can read my firm’s submission to the review here: https://lnkd.in/ePymHYY
I was doing just that earlier and found myself delving into an article in the Yorkshire Post titled ‘HMRC must establish mental health helpline to halt loan charge suicides, MPs are told’.
What got me most about this article the reference to the open letter from the All-Party Parliamentary Loan Charge Group to Sir Amyas Morse, who is leading the Loan Charge Review, advising of yet another suicide (bringing the total number up to 7) which has been attributed to the financial fallout of the loan charge.
In particular, the excerpt from said letter below: –
“Part of your loan charge review must look into the catastrophic effect that the loan charge has and is having on many individuals, leading to many documented cases of stress, depression and nervous breakdown. It also must look into why this was not predicted in the original impact assessment, which was clearly not only flawed, but also negligent.”
I’ve deliberately emboldened the points above. Rather than get into a huge opinion on this, I thought I would just outline some talking points: –
Whilst of course pursuing a legally owed debt in any context is perfectly legitimate, by the very nature of the loan charge mechanics, it would have been plainly obvious from the outset that the receiving of a demand from HMRC for many users of disguised remuneration schemes would have been a complete shock. We quite often find ourselves assisting clients whom were wholly unaware that their employer was using such a scheme and indeed in many cases any ‘pay’ that they received was always calculated on a net basis
Much of this though does still stem from the stigmatism associated with mental health. Remember, its good to talk.
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