The Loan Charge policy has been linked to dire outcomes for contractors, with reports of affected individuals facing financial ruin and at least 10 suicides attributed to its impact.
HMRC's Loan Charge aims to collect up to £3.4bn in unpaid taxes from contractors involved in loan-based remuneration schemes, pushing many into severe debt and distress.
More than 200 MPs have united to support those affected by the Loan Charge, drawing attention to the overwhelming financial burdens and life-changing implications for contractors.
Contractors impacted by HMRC's Loan Charge have seen their tax liabilities balloon significantly over time, with one individual reporting a rise in owed tax from £60,000 to £500,000.
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