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1020397
registered interest false more like this
date less than 2018-12-05more like thismore than 2018-12-05
answering body
Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name Treasury more like this
hansard heading Bankruptcy: Tax Avoidance more like this
house id 1 more like this
legislature
25259
pref label House of Commons remove filter
question text To ask the Chancellor of the Exchequer, what estimate he has made of the number of people will be made bankrupt as a result of the 2019 Loan Charge. more like this
tabling member constituency North West Norfolk remove filter
tabling member printed
Sir Henry Bellingham remove filter
uin 199329 remove filter
answer
answer
is ministerial correction false more like this
date of answer less than 2018-12-14more like thismore than 2018-12-14
answer text <p>Disguised Remuneration schemes are contrived arrangements that pay loans in place of ordinary remuneration with the sole purpose of avoiding income tax and National Insurance contributions. When taking into account the loan they received, loan scheme users have on average twice as much income as the average UK taxpayer.</p><p> </p><p>HMRC data indicates that fewer than 3% of those affected work in medical services (doctors and nurses) and teaching. Further information can be found in HMRC’s issue briefing: <a href="https://www.gov.uk/government/publications/hmrc-issue-briefing-disguised-remuneration-charge-on-loans/hmrc-issue-briefing-disguised-remuneration-charge-on-loans" target="_blank">https://www.gov.uk/government/publications/hmrc-issue-briefing-disguised-remuneration-charge-on-loans/hmrc-issue-briefing-disguised-remuneration-charge-on-loans</a>.</p><p> </p><p>HMRC is working hard to help individuals to get out of tax avoidance for good. HMRC does not want to make anybody bankrupt and very few cases ever reach that stage.</p><p> </p><p>HMRC has simplified the process for those who choose to settle their use of avoidance schemes before the charge arises, so that those earning less than £50,000 a year and no longer engaging in tax avoidance can agree a payment plan of up to five years without the need for detailed supporting information. There is no maximum period within which an overall settlement can be agreed, and HMRC will deal with individual cases appropriately and sympathetically.</p><p> </p><p>Since the announcement of the 2019 loan charge at Budget 2016, HMRC has agreed settlements on disguised remuneration schemes with employers and individuals of over 650 million pounds. More than 90% of this amount was collected from employers, with less than 10% from individuals.</p><p> </p>
answering member constituency Central Devon more like this
answering member printed Mel Stride more like this
grouped question UIN 199328 more like this
question first answered
less than 2018-12-14T13:52:55.82Zmore like thismore than 2018-12-14T13:52:55.82Z
answering member
3935
label Biography information for Mel Stride more like this
tabling member
1441
label Biography information for Lord Bellingham more like this