Loan Charge
Tuesday, 23 June 2026
Contributions
Andrew Rosindell (Romford) (Reform)Reform UK
2. What steps she has taken to support people adversely affected by the loan charge.
The Exchequer Secretary to the Treasury (Dan Tomlinson)Labour
The Government introduced legislation in the Finance Act 2026 to provide for a new settlement offer for those affected by the loan charge. The Government will write off the first £5,000 of liabilities, and that is in addition to the proposals put forward by the independent reviewer, Ray McCann.
The Minister will be aware that tens of thousands of people continue to suffer because of the loan charge scandal, and that successive Governments, both Labour and Conservative, have failed those people. They have dithered, delayed and ignored reviews, causing confusion, worsening the financial harm and anxiety for so many people. Surely the Minister must agree that the victims deserve resolution and closure, so that they can move on with their lives?
I do agree that those who have been affected by the loan charge need to be able to move on with their lives. That is why the Government put forward a generous settlement offer at the last Budget that went further than the proposals set out by the independent reviewer. I would just note that it was a Government that the hon. Gentleman supported for 14 years who introduced the loan charge and did not do enough to reform it for those who were affected by it.
Source: UK Parliament Hansard API. Debate ID: 5369458.
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