PEOPLE in Oxfordshire could be left bankrupt and without their homes if Boris Johnson doesn’t ‘act fast’, says Layla Moran.
In a letter to the PM the Oxford West and Abingdon MP explained that ‘urgent action’ needs to be taken on the new 2019 Loan Charge.
The Loan Charge affects those who have taken out a disguised remuneration (DR) scheme – a tax avoidance initiative.
People signed up to the scheme to avoid paying income tax or contribute to national insurance.
Read again: Tommy Robinson fans hit out after Oxford woman let off for taking pics in courtUnder the scheme they are paid their normal income in the form of a non-repayable loan.
Read more: Layla Moran shortlisted for MP of the yearThe Government website said: “So they are no different to a normal income and are taxable.”
But the MP said the charge on the scheme was ‘unfair in its retrospection’.
She added: “Time is fast running out for my constituents and others to avoid long-term hardship, bankruptcy, losing their homes and the inevitable repercussions for themselves.”
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