Treasury committee elects chairman

Treasury committee elects chairman

MP for Central Devon Mel Stride has been elected as the new chairman of the Treasury committee.

The former financial secretary to the Treasury will fill the position left vacant by Nicky Morgan in July, when she was appointed secretary of state for Digital, Culture, Media and Sport in Boris Johnson's cabinet reshuffle.

John Mann and Catherine McKinnell have served in the position in the interim, but Mr Stride will now take up the position with immediate effect. 

During Mr Stride's tenure as financial secretary to the Treasury and paymaster general a Finance Act became law which included action to tackle VAT fraud and close loopholes on offshore tax avoidance.

Mr Stride was also involved in the introduction of the taxman's controversial loan charge and he confirmed earlier this year the Treasury had already collected £1bn from the levy. 

He also made headlines earlier this year when he rejected 150 MPs who had called for a delay and independent review into the loan charge. 

The charge has been levied since the start of this tax year on those who benefitted from disguised remuneration schemes.

These schemes were used to pay employees via third party companies which "loaned" the money to the worker so they could avoid paying income tax on their earnings. The loans were never intended to be repaid.

The introduction of the loan charge, which is an extra fee on top of the tax owed, was announced in the 2016 Budget and confirmed in the 2017 Finance Bill. 

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