In 2017, the Loan Charge was brought in to stop people using ‘disguised remuneration schemes’. This was retrospective legislation and caused a huge amount of distress on individuals affected, many of which were unaware they were in loan schemes. A total of 10 suicides have been linked to the Loan Charge.
Has it stopped the disguised remuneration industry? No.
HMRC today published a list of tax avoidance scheme providers, many of which use loan schemes, with 167(!) providers on it.
