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    Enactment of extra-statutory concession on insolvency VAT clawback
    2017-05-05

    On 28 March 2017, the Enactment of Extra-Statutory Concessions Order 2017[3] was made which, amongst other things, enacts ESC3.20. The Order came into force on 6 April 2017.

    ESC3.20 disapplied the clawback of input tax credit for an insolvent business that has not paid (or not fully paid) the consideration for a supply. New section 26AA of the Value Added Tax Act 1994 gives broadly the same effect as ESC3.20 in that it “turns off” the disallowance of input tax in cases of non-payment of consideration if:

    Filed under:
    United Kingdom, Insolvency & Restructuring, Tax, RPC, Value added tax, HM Revenue and Customs (UK)
    Authors:
    Ben Roberts
    Location:
    United Kingdom
    Firm:
    RPC
    Wealth and trusts quarterly digest February 2017
    2017-02-16

    Welcome to the February 2017 edition of our wealth and trusts quarterly digest. The digest provides up to date commentary and analysis on key sector developments. Our tax, wealth and trusts teams are able to provide a wide ranging service to assist you and your clients in responding to market trends and legal developments. We would welcome the opportunity to discuss any concerns you may have and always welcome feedback on the content of our publications. Feature When can trustees exercise their right of retention?

    Filed under:
    British Virgin Islands, United Kingdom, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Tax, RPC, HM Revenue and Customs (UK), High Court of Justice
    Location:
    British Virgin Islands, United Kingdom
    Firm:
    RPC
    First-tier Tribunal rules that growth share issue created a preference under the EIS rules
    2017-01-30

    On 29 November 2016, the First-tier Tribunal9 held that the issue of growth shares to certain key employees had inadvertently caused an existing class of ordinary shares to carry a preferential right to assets on a winding up. The effect of this was that both prior ordinary share issues, and future share issues, failed to meet the requirement of the Enterprise Investment Scheme (EIS) rules.

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, RPC, HM Revenue and Customs (UK)
    Authors:
    David Gubbay , Ben Roberts
    Location:
    United Kingdom
    Firm:
    RPC
    High Court rules that statutory interest payable on an insolvency is not subject to UK withholding tax
    2017-01-30

    On 11 October 2016, the High Court10 held that statutory interest payable on an insolvency (under rule 2.88(7) IR 1986) is not “yearly interest” for UK tax purposes. Such statutory interest is therefore not subject to UK withholding tax (20%).

    The facts of the case are somewhat unusual in that there was a substantial surplus in the administration and the statutory interest was estimated at £5bn. However the decision is a welcome clarification of the position. It also confirms HMRC’s previous guidance on the taxation of statutory interest (subsequently withdrawn).

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Tax, RPC, Withholding tax, HM Revenue and Customs (UK), High Court of Justice
    Authors:
    David Gubbay , Ben Roberts
    Location:
    United Kingdom
    Firm:
    RPC
    Lomas - Court confirms statutory interest payable on insolvency is not 'yearly interest' and criticises HMRC's change of position
    2016-11-01

    In Lomas and others v HMRC [2016] EWHC 2492 (Ch), the High Court has confirmed that statutory interest payable on insolvency is not 'yearly interest' for UK tax purposes. The administrators therefore had no obligation to account for income tax on the interest payments made. The Court was also critical of HMRC's contradictory guidance on this issue.

    Background

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Tax, RPC, HM Revenue and Customs (UK), High Court of Justice
    Authors:
    Michelle Sloane
    Location:
    United Kingdom
    Firm:
    RPC
    Taxpayer's application to have HMRC's winding-up petition dismissed fails due to lack of evidence
    2015-08-19

    In Winnington Networks Communications Ltd v HMRC[1], the Chancery Division Companies Court (Nicholas Le Poidevin QC) refused the taxpayer company's application to have HMRC's winding-up petitions dismissed, as it had failed to provide evidence that it had a real prospect of successfully disputing the debt claimed by HMRC.

    Background

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Tax, RPC, Liquidation, HM Revenue and Customs (UK)
    Authors:
    Adam Craggs
    Location:
    United Kingdom
    Firm:
    RPC
    Nowhere to hide: Supreme Court considers illegality defence and global application of Insolvency Act 1986 in VAT fraud case
    2015-07-06

    On 22 April 2015 the Supreme Court handed down its judgment in the case of Jetivia SA and another v Bilta (UK) Ltd (in liquidation) and others [2015] UKSC 23, which was heard in October last year.  In short it decided that: 1) defendant directors cannot raise illegality as a defence to a claim by a company where the directors themselves acted wrongfully; and 2) a claim in fraudulent trading under Section 213 of the Insolvency Act 1986 (Section 213)has extra-territorial effect.

    Background

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Tax, White Collar Crime, RPC, Fraud, Value added tax, Liquidation, Insolvency Act 1986 (UK), HM Revenue and Customs (UK)
    Authors:
    Amy Gallimore
    Location:
    United Kingdom
    Firm:
    RPC
    Directors did not breach fiduciary duty in relation to insolvent company's participation in failed tax avoidance scheme
    2022-06-01

    In Stephen John Hunt (Liquidator of Marylebone Warwick Balfour Management Ltd) v Richard Balfour-Lynn and others [2022] EWHC 784 (Ch), the High Court decided that the directors of a company which went into liquidation after participating in an ineffective tax avoidance scheme did not breach their fiduciary duties and payments made pursuant to the scheme were not transactions defrauding creditors.

    Background

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Tax, RPC, HM Revenue and Customs (UK)
    Authors:
    Rebekka Sandwell
    Location:
    United Kingdom
    Firm:
    RPC
    Defendants receive custodial sentences for contempt of court in VAT case
    2015-06-03

    In the recent case of HMRC v Munir & Others[1], HMRC successfully applied to the Court for committal of three company officers for contempt of court where an order appointing a provisional liquidator was knowingly breached.

     Background

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Tax, RPC, Contempt of court, HM Revenue and Customs (UK)
    Location:
    United Kingdom
    Firm:
    RPC
    Company Top Guns may face HMRC investigation
    2021-04-01

    HMRC clamping down on furlough fraud by companies in Danger Zone

    The latest statistics show that over 11 million workers have been furloughed in the UK as part of the government's job retention scheme (that equates to 16% of the population or one in six people) and 41% of employers had staff furloughed. The scheme has so far cost the government over £40 billion and this figure will continue to rise until the end of September this year when the scheme is set to wind down.

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Tax, RPC, HM Revenue and Customs (UK)
    Authors:
    James Wickes , Alison Clarke
    Location:
    United Kingdom
    Firm:
    RPC

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