In November 2017, the legislation establishing the 2019 loan charge was passed by Parliament. This legislation gave rise to serious misgivings about its scope and impact. An independent enquiry was established. The Morse report was published on 20 December 2019. The report recommended and the government agreed to significant changes. They can only be implemented by subsequent amending legislation having retrospective effect. The first batch of draft legislative changes has been issued. Further amendments will follow. How far the scope and impact of the original legislation are to be cut down by its retrospective recasting, will depend upon the interpretation and application of the revising legislation.
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In November 2017, the legislation establishing the 2019 loan charge was passed by Parliament. This legislation gave rise to serious misgivings about its scope and impact. An independent enquiry was established. The Morse report was published on 20 December 2019. The report recommended and the government agreed to significant changes. They can only be implemented by subsequent amending legislation having retrospective effect. The first batch of draft legislative changes has been issued. Further amendments will follow. How far the scope and impact of the original legislation are to be cut down by its retrospective recasting, will depend upon the interpretation and application of the revising legislation.
If you are not a subscriber, subscribe now to read this content.
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