A concise summary of the current position, updated to reflect the McCann Review, HMRC’s 2026 technical note and continuing political action.
The Government published the second independent review of the Loan Charge and accepted all but one recommendation. The central outcome was a new settlement opportunity for those with outstanding Loan Charge liabilities.
McCann ReviewGovernment responseSettlement opportunity
HMRC’s technical note states that the new opportunity recalculates liabilities by reference to the years loans were made, writes off late-payment interest in the calculation, includes a £5,000 reduction, allows promoter-fee deductions and caps the overall reduction at £70,000 against the original Loan Charge liability including interest.
LCAG has warned that the narrow review and settlement design cannot end the scandal because it excludes or disadvantages people who have already settled, paid, are outside the strict Loan Charge years, or whose position is complicated by employer/PSC structures.
Finance Act 2026 contains the legislative basis for the settlement scheme. Campaign attention now turns to implementation, fairness, data transparency and whether HMRC’s projected resolution numbers are realistic.
