Nick Ferrari challenges Treasury Select Committee Chair on the loan charge

1 March 2021, 15:44 | Updated: 1 March 2021, 16:39

By Sam Sholli

This is the moment Nick Ferrari challenged the Chair of the Treasury Select Committee on the loan charge.

The loan charge is an anti-tax avoidance measure which was introduced to address the Government losing tax revenue due to disguised renumeration schemes.

However, the measure has proved controversial due to the size of sums being demanded by the Government as well the length of time since and circumstances in which the schemes were entered into.

Nick told Mr Stride: "You've probably been aware there have been seven suicides linked to the loan charge. Other victims [have said] they've come close [to suicide and] others are saying they're financially ruined."

He then asked the Tory MP: "Isn't it time to admit families have had too much of this retrospective taxation and it needs to be addressed, Mr Stride?"

Mr Stride responded by saying he didn't agree that the measure applies retrospectively and argued disguised renumeration schemes "are really eroding the tax base".