In this episode of The Tax Hour, our host Nick Wright welcomes Ray McCann, Consultant, former President of CIOT and former Assistant Director of HMRC, to discuss the recent Independent Loan Charge Review 2025.

00:00 Introduction

00:35 What Is the Loan Charge?

09:25 How Loan Schemes Worked

13:49 Why the Government Introduced It

19:26 Where the Loan Charge Went Wrong

23:08 The Human Cost & Financial Impact

28:39 Promoters, HMRC & Responsibility

36:03 Ray’s Recommendations

53:54 Final Verdict: Was This the Best Possible Outcome?

Join Nick Wright and Emma Chamberlain for an expert discussion on wealth taxes in the UK. Emma, a barrister and visiting professor at Oxford and the LSE, was a commissioner for the 2020 Wealth Tax Commission.

This episode explores why the Commission ultimately recommended against annual wealth taxes, the challenges of implementing a one-off wealth tax, and how the UK's approach to taxing capital compares internationally. They discuss the need for comprehensive reform of capital taxes (CGT, IHT, council tax) rather than piecemeal changes, and why political consensus is essential for sustainable tax policy.

Key insights include:

Key topics include:

-Intro

-Origins of the Wealth Tax Commission

-Historical Attempts and Lessons Learned Exploring Denis Healey’s 1970s wealth tax plans and why early efforts failed.

-The Covid Context and Public Perception

-Defining a Wealth Tax

-Annual vs One-Off Wealth Taxes

-Broader Tax Reform & Capital Taxes Discussion

-The Need for Systemic Reform Challenges

-Fairness and Tax Equity

-Public Perception, Avoidance & Final Reflections

Essential listening for understanding current debates about wealth taxation and capital tax reform in the UK.

🔗 Resources mentioned:

Wealth Tax Commission website: https://www.ukwealth.tax/

Upcoming LSE event with Emma Chamberlain: 1st December: https://www.pumptax.com/events/emma-chamberlain-speaking-at-lse-on-the-wealth-tax-commission-5-years-on/

How can SMEs stay ahead?

Warren Mead, CEO of Sumer, shares insights and strategic foresight on 'The Tax Hour'.

Join Nick Wright, Head of Corporate Tax, and Warren Mead, CEO of Sumer, for an insightful conversation on:

• How SMEs can accelerate growth and build resilience in today’s economic climate

• Why having the right tax strategy and advice is critical for long-term success

If you have any questions or need further information, please get in touch. At Jerroms Miller Specialist Tax we offer a wide range of specialist tax advice for all business tax scenarios.

We are excited to invite you to the next episode of The Tax Hour Podcast.

In this episode, Nick Wright, Head of Corporate Tax and Host of ‘The Tax Hour’ is joined by Sharon Cooke, Technical Director at 2020 Innovation. In this episode Sharon and Nick reflect on the announcements that came out of Legislation Day 2025.

On 21 July 2025, the government unveiled draft tax legislation and HMRC launched its new Transformation Roadmap. In this episode, Our Host and Head of Corporate Tax, Nick Wright is joined by 2020 Innovation’s Technical Director, Sharon Cooke to break down the biggest announcements from changes to inheritance tax reliefs and the rollout of Making Tax Digital, to HMRC’s push to become a digital-first tax authority by 2030. Tune in for the key headlines and what they mean for taxpayers, businesses, and advisers.

If you have any questions or need further information, please get in touch. At Jerroms Miller Specialist Tax we offer a wide range of specialist tax advice for all business tax scenarios.

In this episode, Nick Wright, Head of Corporate Tax and Host of ‘The Tax Hour’ is joined by Michael Sherry, Tax Counsel at Temple Tax Chambers. In this episode Michael and Nick discuss Anti-Avoidance rules within the tax system and consider recent HMRC Spotlights.

Anti-Avoidance refers to the framework of rules and principles designed to counteract tax arrangements that, while technically legal, are structured primarily to achieve a tax benefit in a way that undermines the intent of tax legislation. These measures, which include both General Anti-Avoidance Rules (GAAR) and Targeted Anti-Avoidance Rules (TAAR), empower tax authorities to disregard or re-characterise transactions that lack genuine commercial substance and are carried out primarily to avoid tax. The objective is to maintain the integrity and fairness of the tax system by preventing abusive practices that exploit legislative gaps or ambiguities.

If you have any questions or need further information, please get in touch. At Jerroms Miller Specialist Tax we offer a wide range of specialist tax advice for all business tax scenarios.

In this episode, Nick Wright, Head of Corporate Tax and Host of ‘The Tax Hour’ is joined by Michael Sherry, Tax Counsel at Temple Tax Chambers. In this episode Michael and Nick discuss Anti-Avoidance rules within the tax system and consider recent HMRC Spotlights.

Anti-Avoidance refers to the framework of rules and principles designed to counteract tax arrangements that, while technically legal, are structured primarily to achieve a tax benefit in a way that undermines the intent of tax legislation. These measures, which include both General Anti-Avoidance Rules (GAAR) and Targeted Anti-Avoidance Rules (TAAR), empower tax authorities to disregard or re-characterise transactions that lack genuine commercial substance and are carried out primarily to avoid tax. The objective is to maintain the integrity and fairness of the tax system by preventing abusive practices that exploit legislative gaps or ambiguities.

If you have any questions or need further information, please get in touch. At Jerroms Miller Specialist Tax we offer a wide range of specialist tax advice for all business tax scenarios.

In this episode, Nick Wright, Head of Corporate Tax and Host of ‘The Tax Hour’ is joined by Douglas Roberts WS, Solicitor and Partner of TLT LLP, who has had involvement in over 60 sales to an EOT and now has over 25 years experience within the industry.

An Employee Ownership Trust (EOT) is a legal structure established by a company’s owners to hold a controlling interest in the business for the benefit of all employees. Introduced under the UK Finance Act 2014, the EOT model is designed to facilitate employee ownership, support long-term business continuity, and provide a tax-efficient succession route for business owners. In this episode, Nick and Douglas dive into Employee Ownership Trusts (EOTs), discussing the practical considerations of selling a business to an EOT. They also cover the latest tax requirements and compliance obligations, as well as offering real-world insights from their own experience in practice.

If you have any questions or need further information, please get in touch. At Jerroms Miller Specialist Tax we offer a wide range of specialist tax advice for all business tax scenarios.

Nick Wright, Head of Corporate Tax and Host of ‘The Tax Hour’ is joined by Emma Rawson, a prominent figure in the UK tax and finance sector, currently serving as the Director of Public Policy at the Association of Taxation Technicians (ATT). Emma shares her expertise in MTD with Host, Nick Wright.

Making Tax Digital (MTD) is transforming the way businesses and individuals manage their taxes. It’s a government-led initiative designed to modernise the UK tax system by moving away from paperwork and encouraging the use of digital tools for record-keeping and submissions. Initially focused on VAT-registered businesses, MTD is now expanding to include income tax and, eventually, corporation tax.

If you have any questions or need further information, please get in touch. At Jerroms Miller Specialist Tax we offer a wide range of specialist tax advice for all business tax scenarios.