LCL UPDATE Oct 2nd 2020

Dear LCL Member

We have all been in a whirlwind of settlements, disclosures, even whitespace or no whitespace decisions this week.

Some of you may still be reeling from all of this, some may still be disclosing on their SATRs and LC reporting forms. Some may be at the stage of arranging TTPs. Wherever you are at this time we, the LCL Admin Team, are checking in with you as LCL supporters to let you know that we are here, and the Loan Charge Legal case is very much alive and kicking.  

As a member of the LCL website, we are providing you with an update on progress to date.

On 23 September, RPC LLP, whom we have instructed to advise and assist with any judicial review challenge which may become necessary, wrote to Her Majesty's Treasury (HMT) to ask it to reconsider its position in light of certain shortcomings identified in the Review conducted by Sir Amyas Morse into the Loan Charge. The shortcomings were highlighted in the APPG's report that was issued to HMT in June of this year.

RPC's letter invited HMT to revert to Sir Amyas so that he could reconsider parts of his Review within the context of the APPG report, unencumbered and unfettered from any interference from HMT and/or HMRC. We will consider HMT's response in conjunction with our legal team as and when it is received. This is the first stage.

As you will appreciate, for reasons pertaining to confidentiality, we are unable to go into further detail on matters relating to our litigation strategy or anticipated legal arguments. We will of course keep you updated on progress as matters develop. All future updates will be on the LCL website and we intend doing these on a weekly basis.

Funding is going well and RPC confirmed yesterday they are in receipt of approaching 95% of the funding. People need the weekend to come to terms with this very eventful week and we will begin rallying the troops again next week.

RPC have given us reassurances we have a strong case. Stay strong, stay united, stay focused and we will win this.


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