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    Revenue & customs brief 13/14 – HMRC changes position on insolvency practitioners deregistering insolvent businesses for VAT
    2014-04-24

    Historically, HMRC has allowed insolvency practitioners to, at an early stage following their
    appointment, cancel the VAT registration of the insolvent business. Practitioners have then been 
    entitled to account for VAT on any subsequent supplies using HMRC’s form VAT 833 (Statement of 
    Value Added Tax on goods sold in satisfaction of a debt).

    Filed under:
    United Kingdom, Insolvency & Restructuring, Tax, RPC, Value added tax, HM Revenue and Customs (UK)
    Authors:
    Adam Craggs , Charles Suchett-Kaye , Ben Roberts , Nigel Brook
    Location:
    United Kingdom
    Firm:
    RPC
    Draft insolvency regulations published: HMRC debts to have preferential status
    2020-07-02

    HM  Treasury  has  provided  the  Public  Bill  Committee  with  a  draft  copy  of  The Insolvency Act 1986 (HMRC Debts: Priority on Insolvency) Regulations  2020,  to  be  made  pursuant  to  the  current  clause  96  of  the  Finance  Bill  2020.  The  draft  regulations  have  not  yet  been  formally  laid  before  Parliament but are d

    Filed under:
    United Kingdom, Insolvency & Restructuring, Tax, RPC, HM Revenue and Customs (UK)
    Authors:
    Constantine Christofi , Adam Craggs
    Location:
    United Kingdom
    Firm:
    RPC
    High Court holds that HMRC’s winding up petition should be dismissed as an abuse of process
    2014-04-03

    The High Court (David Donaldson QC) has held in Enta Technologies Limited v HMRC [2014] EWHC 548 (Ch), that where a winding-up petition was brought by HMRC based on the non-payment of tax raised in assessments and the taxpayer's appeal against those assessments was pending, the winding-up court should refuse to adjudicate on the merits of the appeal and should leave that question to be dealt with by the First-tier Tribunal (Tax Chamber) ('FTT').

    Background

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Tax, RPC, Value added tax, Abuse of process, Liquidation, HM Revenue and Customs (UK), High Court of Justice
    Authors:
    Nicholas Fernyhough
    Location:
    United Kingdom
    Firm:
    RPC
    HMRC publishes policy paper on the misuse of company insolvencies
    2019-07-26

    On 11 July 2019, HMRC published a policy paper discussing measures which are aimed at those  taxpayers who “unfairly seek to reduce their tax bill by misusing the insolvency of companies”.  This will be achieved by making directors and other persons connected to those companies jointly and severally liable for the avoidance, evasion or “phoenixism” debts of the corporate entity.

    An explanatory note and draft legislation set out the conditions that must be satisfied in order to enable an authorised HMRC officer to issue a “joint liability notice” to an individual.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Tax, White Collar Crime, RPC, Board of directors, HM Revenue and Customs (UK)
    Authors:
    Adam Craggs , Constantine Christofi
    Location:
    United Kingdom
    Firm:
    RPC
    Personal liability for directors – no escape from the taxman
    2011-10-07

    Company Insolvencies

    One of the criticisms that is often made of the UK’s complex insolvency legislation is that it is too easy for the directors of a company to put it into liquidation or administration, ‘dump’ the company’s debts and then effectively start the same business again under the guise of a new company. Such phoenixism has often been of concern to HMRC both in the civil and criminal fields and prosecutions have been made against directors who have undertaken such activities on a repeated basis.

    Personal Liability Notices (‘PLNs’)

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Tax, RPC, Regulatory compliance, Fraud, Board of directors, National Insurance, Debt, Liability (financial accounting), Economy, Liquidation, HM Revenue and Customs (UK), Social Security Administration
    Location:
    United Kingdom
    Firm:
    RPC
    HMRC publishes summary of responses to its “protecting your taxes in insolvency” consultation
    2019-07-26

    On 11 July 2019, HMRC published its summary of responses to its “protecting your taxes in insolvency” consultation.

    Following the consultation, the government will legislate in the Finance Bill 2019-20 to make HMRC a secondary preferential creditor for certain tax debts paid by employees and taxpayers. This change is intended to ensure that when a business enters insolvency, more of the taxes paid in good faith by employees and taxpayers go to the Exchequer, rather than being distributed to other creditors. Draft legislation and an explanatory note is also available.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Tax, RPC, HM Revenue and Customs (UK)
    Authors:
    Adam Craggs , Constantine Christofi
    Location:
    United Kingdom
    Firm:
    RPC
    HMRC consults on secondary preferential creditor status for employee and customer taxes on insolvency of a business
    2019-04-01

    On 26 February 2019, HMRC launched a consultation entitled “Protecting your tax in insolvency”, on the government’s proposal to make HMRC a secondary preferential creditor for taxes paid by employees and customers (the new powers are contained in the proposed Finance Bill 2019-20).

    Filed under:
    United Kingdom, Insolvency & Restructuring, Tax, RPC, HM Revenue and Customs (UK)
    Authors:
    Adam Craggs , Robert Waterson
    Location:
    United Kingdom
    Firm:
    RPC
    Five Elements for Chinese Companies trading with UK counterparts
    2019-10-16

    Five Elements for Chinese Companies trading with UK counterparts Part 1: Gold

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, King & Wood Mallesons, Brexit, HM Revenue and Customs (UK)
    Location:
    United Kingdom
    Firm:
    King & Wood Mallesons
    Insolvency Service report finds that landlords are equitably treated under CVAs
    2022-06-29

    Summary

    The Insolvency Service has released its report on CVAs (the “Report”), which was commissioned in response to the significant concerns raised by the commercial property sector in recent years and the legal challenges launched by landlords against a number of CVAs.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Real Estate, CMS Cameron McKenna Nabarro Olswang LLP, HM Revenue and Customs (UK)
    Authors:
    Julie Gattegno , Julian Turner
    Location:
    United Kingdom
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    The return of Crown preference from 1 December 2020
    2020-11-30

    What are the new provisions?

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, Litigation, Tax, CMS Cameron McKenna Nabarro Olswang LLP, HM Revenue and Customs (UK)
    Authors:
    Julian Turner
    Location:
    United Kingdom
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP

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