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The Financial Secretary to the Treasury this week confirmed that HMRC has collected £1bn from the loan charge, with most of the money coming from contractor employers.
Answering questions in parliament, Mel Stride said that 85% of the £1bn so far collected came from employers. He added that the average salary of the employees impacted was double the national average.
Taking effect this tax year, the loan charge is levied on contractors involved with one type of disguised remuneration scheme.
The Federation of Small Businesses (FSB) has come out in support of a review on the ‘unfair’ application of the 2019 Loan Charge.
Earlier this month, Sir Ed Davey successfully tabled and passed an amendment calling on the government to review the retrospective contractor charge before March 31st.
Announced at Budget 2016, the Loan Charge applies to any disguised remuneration loans that are still outstanding on 5 April 2019.
